Gov't to increase beef, pork supplies ahead of Lunar New Year holiday to tame inflation

gettyimagesbank

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

Vice First Finance Minister Lee Eog-weon said the administration will increase the supply of beef and pork, key foodstuffs needed to prepare holiday meals, to 18,700 tons and 67,200 tons, respectively.

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

The country's consumer prices grew at their fastest pace in a decade last year due to surging energy costs and high prices for 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; while the finance ministry expects consumer prices to grow 2.2 percent.

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