Cabbage and Radish 200t Discharged Daily… Fuel Tax Reduction Measures Extended Until April

The South Korean government is taking measures to address the rising prices of agricultural and livestock products, as well as fuel. This includes releasing reserves of cabbage and radish into the market, introducing a quota tariff for fruits to stabilize supply, and extending a fuel tax cut. Additional measures include investing more in government discount support for agricultural and marine products, holding an event to refund a portion of traditional market payments, and increasing imports of certain agricultural products. The government also plans to inspect daily necessities weekly, crack down on illegal distribution activities, and identify factors causing price instability.

The government is releasing government reserves of cabbage, radish, etc. into the market to lower the prices of shopping carts. It plans to swiftly introduce a quota tariff of 370,000 tons for fruits to stabilize supply. The fuel tax cut measure, which was scheduled to end at the end of this month, will be extended for two more months. Acting President Choi Sang-mok and Minister of Strategy and Finance held a ‘People’s Economy Review Meeting’ in Seoul on the 6th, attended by Minister of Agriculture, Food and Rural Affairs Song Mei-ryeong and Minister of Oceans and Fisheries Kang Do-hyung, and made this decision. After the meeting, the attendees stopped by Hanaro Mart’s Yangjae branch in Seoul to check the prices of agricultural, livestock and marine products. First, the government plans to respond by releasing about 200 tons of cabbage and radish reserves per day, whose prices have been rising recently. In the case of cabbage, 6,800 tons of government-available stock and 3,800 ...