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Gov't produce discount to expand to all domestic agricultural products

Published: 16 May. 2025, 16:51

Green onions are stocked at a supermarket in Seocho District, southern Seoul, on May 6. [YONHAP]

The government will expand its produce discount program to include all domestic agricultural products starting next Thursday, in a bid to stabilize grocery prices amid rising inflation. The program will run through June 4 at both online and offline retailers nationwide.

Under the “Stable Grocery Prices” campaign, consumers can receive discounts of up to 40 percent, combining government subsidies with additional 10 to 20 percent markdowns offered by retailers.

The discount limit for individuals will double to 20,000 won ($14) per week from the previous 10,000 won during the campaign period.

The decision came during a vice ministers’ meeting on inflation on Friday, presided over by First Vice Finance Minister Kim Beom-seok, who is serving as acting finance minister.

Retailers can freely choose which products to include in the program, as long as they are domestically grown. Participating stores will indicate eligible products in flyers or on price tags.

Pork is displayed at a supermarket in Seoul on May 13. [NEWS1]

In physical stores, the discount is applied automatically at checkout for members. For online purchases, consumers need to download a discount coupon and apply it during payment.

The government also plans to release an additional 450 tons of garlic from its stockpile beginning Monday, in response to rising prices driven by declining supply. It will continue a discount campaign for pork and other livestock products until May 31 using funds collected by livestock industry groups.

In cooperation with pork importers benefiting from tariff quotas on 10,000 tons of raw pork, the government also aims to lower prices on processed products such as ham and sausages.

Seafood prices are also under watch. To address reduced supply during the spring and early summer fishing lull, the government will expand the release of reserve stocks for high-demand items like hairtail and squid at 500 tons and 700 tons, respectively.

A shopper examines eggs at a supermarket in Seoul on May 13. [YONHAP]

Officials say the goal is to ease the burden on consumers, who are facing steep price increases in key food items.

Recent produce prices have jumped on year, according to the Korea Institute for Animal Products Quality Evaluation: radishes by 41 percent, onions by 17.5 percent, peeled garlic by 37.7 percent, pork belly by 9.2 percent and eggs by 5.1 percent.

A separate inspection of egg farms from May 7 to 9 revealed that the wholesale price of eggs in March surged 23.3 percent — an increase deemed excessive given the market conditions. Authorities warned that they will take strict action if they find evidence of price fixing or other unfair practices.

Kim also urged officials to keep a close eye on petroleum prices.

“Continue field inspections to prevent unjustified price hikes,” he said during the meeting.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM MIN-JOONG [[email protected]]