Gov't to expand supply of key farm products to curb inflationary pressure

The government said Wednesday it will significantly expand the supply of key agricultural products, including napa cabbage, apples and pears, as part of efforts to stabilize prices amid growing inflationary pressure.

The latest measures were unveiled during a government meeting presided over by acting Finance Minister Lee Hyoung-il.

Under the plan, the government will increase the available supply of summer napa cabbage to 36,000 tons, up from 23,000 tons, with the entire volume to be released to the market before the Chuseok holiday.

The supply of apples will rise from 4,000 tons to 12,000 tons and pears from 2,500 tons to 4,000 tons, the finance ministry said.

"We will prioritize the allocation of tariff-free import quotas for food ingredients to companies that actually use them, in order to ease cost burdens in the processed food industry," Lee said.

According to government data released Wednesday, the consumer prices rose 2.2 percent in June from a year earlier, exceeding the Bank of Korea's 2 percent target. The rise was largely driven by higher prices of industrial goods, particularly processed food products.