The South Korean government has announced that it will be forming a task force (TF) to monitor food prices, particularly for seven key items such as milk, coffee, and bread. The TF will be in charge of keeping a close eye on the prices of these items, according to the Ministry of Agriculture, Food and Rural Affairs. This temporary organization will be established after internal discussion and consultation with related ministries and agencies.
This file photo taken on Oct. 29, 2023, shows a refrigerator with milk at a Seoul supermarket. (Yonhap)
The TF is part of the government’s effort to address soaring prices of food items. Statistics Korea’s consumer prices index for ice cream was up 15.2 percent in October from the previous year, while milk and bread prices rose by 14.3 percent and 5.5 percent, respectively. Prices of snacks, sweets, and other frozen products increased by 10.6 percent and those of coffee, tea, and hot chocolate went up 9.9 percent.
This file photo taken Oct. 18, 2023, shows packs of sugar on sale at a Seoul supermarket. (Yonhap)
The nation’s overall consumer prices index rose 3.8 percent in October compared to the same period last year. Finance Minister Choo Kyung-ho has declared that price stability is a top policy priority, and that each ministry will be held accountable for upholding it.