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Korean government steps up to stabilize sugar prices amid high inflation

Collected: 2023.10.25

Distributed: 2023.10.26

Source: Go Direct

[Image source: Pixabay]

The South Korean government is urging manufacturers of sugar and daily necessities to refrain from raising prices as it goes all-out to tame inflation.

Kwon Jae-han, the deputy minister for agricultural innovation policy division at the Ministry of Agriculture, Food, and Rural Affairs, visited CJ CheilJedang Corp.’s factory in Incheon and inspected sugar inventory while requesting cooperation in price stabilization. CJ CheilJedang is the dominant player in the domestic sugar market.

The government is considering extending the reduced tariffs for raw sugar. International sugar prices have surged by 35 percent in the past year, increasing cost pressures.

According to the Bank of Korea on Tuesday, the producer price index (PPI) for September rose by 0.4 percent compared to the previous month, marking three consecutive months of increase.

Producer prices tend to be reflected in domestic prices with about a one-month lag, indicating potential upward pressure on October consumer prices.

Earlier, Minister Cho Seung-hwan of the Ministry of Oceans and Fisheries asked the salt industry to refrain from raising salt prices ahead of the winter kimchi-making season.

The Ministry of Trade, Industry and Energy has also urged petroleum retailers to refrain from price increases.

By Kim Jung-hwan and Chang Iou-chung

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