▲ Citizens shopping at a large supermarket in Seoul
Agricultural product prices fell by 6.7% last month compared to the same month last year.
Livestock prices rose by 1.5%, showing a slowed upward trend.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced on September 2 that this was revealed in the August consumer price index survey compiled by the National Data Agency.
Despite recent rainfall and heatwaves, agricultural conditions remained generally favorable, keeping prices low for most items and expanding the downward trend.
However, rice prices have maintained high levels due to the impact of decreased production last year.
The Ministry of Agriculture, Food and Rural Affairs explained that rice prices have shown a slightly weak yet stable trend at around 61,000 won per 20 kilograms since July 2.
The ministry plans to monitor rice price trends and manage consumer burdens through discount support and other measures.
Livestock prices had recently shown a high growth rate due to reduced supply caused by livestock diseases, but the margin of increase narrowed due to recovered production and discount events.
Beef prices continue to remain high due to a decrease in the number of native and dairy cattle raised and available slaughter volume, as well as reduced production in major exporting countries such as the United States and high exchange rates.
Egg prices were formed at a high level due to reduced supply affected by highly pathogenic avian influenza (AI), but farm-gate prices shifted to a downward trend as production recovered starting last month.
The Ministry of Agriculture, Food and Rural Affairs plans to supply imported fresh eggs until the Chuseok peak season and simultaneously support the reduction of supply prices.
Processed food and dining-out prices rose by 1.5% and 2.7%, respectively, compared to the same month last year.
The ministry explained that while production cost burdens persist due to rising raw materials, packaging materials, fuel costs, and exchange rates following the Middle East conflict, it is minimizing the scale of price increases through tax and financial support, and consultations with the industry.
An official from the Ministry of Agriculture, Food and Rural Affairs stated, "As agricultural and livestock prices have recently maintained a stable trend, we will meticulously monitor supply and demand conditions so that this trend continues through the Chuseok holiday."
(Photo: Yonhap News)
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