Yoon vows gov’t support to stabilize prices of farm products

President Yoon Suk Yeol vowed Monday to provide discounts and other forms of government support to help stabilize the high-flying prices of apples, pears and other farm products.

Yoon made the promise during a meeting on people’s livelihood issues as inflation remains high on increased prices of fruits, vegetables and other fresh food items, as well as high energy costs.

Consumer prices, a key gauge of inflation, climbed back to 3.1 percent in February, while the prices of 18 major kinds of fruit, including apples and pears, combined surged 41.2 percent last month, the largest increase in more than 32 years, according to Statistics Korea.

“The government will immediately implement special measures to help lower the prices of shopping baskets with a focus on farm products,” Yoon said during the meeting held at an outlet of discount store chain Nonghyup Hanaro Mart in southern Seoul.

“We will provide full support for item prices and discounts, without restrictions on the period of time, item or amount, until the prices of agricultural products are stabilized to the level of the average year,” he said.

Yoon said the government will provide special support in the case of apples and pears, which are expected to remain expensive for a considerable time due to damage from cold weather, by increasing imports of alternatives.

The government will also add five more fruits, such as cherries and kiwis, to the 24 fruits currently eligible for lower import duties, he said.