On November 4, Deputy Prime Minister and Minister of Economy and Finance Koo Yoon Cheol chaired the Ministerial Meeting on Economic Affairs and Ministerial Meeting on Price Stability at the Government Complex-Seoul.

The consumer price index for October, released the same day, rose 2.4% year-on-year, driven by higher prices of certain agricultural and petroleum products due to base effects from last year, as well as increased prices of services such as lodging and travel during the extended Chuseok holiday period. DPM Koo stated that, given the uncertainties such as weather conditions, the government will remain vigilant and make all-out efforts to stabilize consumer prices, a key aspect of the people's livelihood.

Above all, the government will mobilize all available measures to ease the burden of grocery prices ahead of the upcoming kimchi-making season. It plans to supply over 47,000 tons of cabbage and radish through available government reserves, and launch a discount event offering up to 50% off kimchi ingredients and pork, with an investment of 50 billion won – the largest amount ever.

In addition, the government will fundamentally improve the distribution structure of the fisheries industry, with the goal of reducing distribution costs by 10% by 2030. To this end, it will streamline distribution channels by revitalizing online wholesale markets and expanding regional distribution centers in production areas as well as logistics hubs in consumption areas. In response to climate change, the government also plans to swiftly develop an AI-based supply and demand forecasting model and actively foster smart aquaculture.

At today’s meeting, participants discussed the “Consumer Price Index for October and Key Features,” “Measures to Stabilize the Supply of Kimchi Ingredients,” and “Plans to Improve the Distribution Structure of the Fisheries Industry.”

Please refer to the attached files.