President Lee Jae Myung Unveils Chuseok Food Price Stability Plan
President Lee Jae Myung has announced plans to bolster food supplies and expand discounts to stabilize prices ahead of Chuseok, the traditional Korean harvest festival. This move aims to mitigate the usual price hikes during this period, as people stock up on traditional food items.
The President revealed these plans at a Cabinet meeting held at the presidential office in Yongsan, central Seoul on September 30. The initiative will be led by the Ministry of Trade, Industry and Energy, or the Ministry of Agriculture, Food and Rural Affairs, in collaboration with other government bodies and retailers. The government's strategy includes increasing product availability, implementing discount programs, and working with retailers to maintain price stability.
Rice prices have unexpectedly surged despite a surplus, raising questions about the effectiveness of government oversight. The Bank of Korea's chief has suggested that inflation targeting can help 'shrug off' political pressure, indicating a need for a more robust pricing mechanism.
President Lee Jae Myung's intervention seeks to ensure a stable food supply and gold price during Chuseok. Meanwhile, the rice price surge has highlighted the need for improved government oversight and pricing mechanisms to prevent such fluctuations in the future.
