S. Korea to raise supply of beef, pork ahead of holiday to tame inflation

All News 15:50 January 21, 2022

SEOUL, Jan. 21 (Yonhap) -- South Korea plans to increase the supply of beef and pork by around 50 percent on-year ahead of the Lunar New Year holiday in an effort to help stabilize consumer prices, a senior government official said Friday.

The government plans to increase the supply of beef and pork, key foodstuff needed to prepare for holiday meals, to 18,700 tons and 67,200 tons, respectively, according to Vice First Finance Minister Lee Eog-weon.

South Korea began providing a record amount of 204,000 tons of holiday-related foodstuff, such as napa cabbages, apples and eggs, on Jan. 10 in an effort to help curb inflationary pressure.

The country's consumer prices grew at the fastest pace in 10 years last year due to surging energy costs and high prices of farm products.

Inflation grew 2.5 percent in 2021, accelerating from a 0.5 percent gain the previous year.

The country's consumer inflation grew more than 3 percent for the third month in a row in December. The Bank of Korea (BOK) aims to keep annual inflation at 2 percent over the medium term.

The BOK put its 2022 inflation outlook at 2 percent for this year. The finance ministry expects consumer prices to grow 2.2 percent in 2022.

The government said it will make efforts to freeze bus fares and curb water bills this year in a bid to stabilize price pressure.