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Gov't Urges Food Industries to Refrain from Raising Prices

Written: 2024-05-17 19:01:46Updated: 2024-05-17 19:06:07

Gov't Urges Food Industries to Refrain from Raising Prices

Photo : YONHAP News

The Ministry of Agriculture, Food and Rural Affairs has again urged food industries to refrain from raising prices amid the continuous surge in food prices. 

The head of the ministry’s Food Industry Policy Bureau, Yang Joo-pil, made the call on Friday, requesting active cooperation from such industries regarding the government’s efforts to stabilize prices.

Despite the food ministry’s repeated calls for companies to refrain from raising costs, food industries are continuously upping prices of their products. 

Makers of dried seaweed, called “gim” in Korean, have raised prices of the product by more than ten percent this month while prices of olive oil have surged over 30 percent. 

A ministry official attributed the hikes to a surge in global oil prices and cost of raw materials due to uncertain economic conditions, including foreign exchange rates.

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