South Korea to implement 350 bln won discount events for farm, fishery products

By Kang Yoon-seung

SEOUL, June 26 (Yonhap) -- South Korea will implement discount events worth 350 billion won (US$226 million) for agricultural and fishery products as the government aims to keep consumer price inflation at around 3 percent, the finance ministry said Friday.

Under the plan, the government will support discount events for agricultural and fishery products at local supermarkets without limiting eligible product categories, according to the Ministry of Finance and Economy.

Consumers will be eligible for discounts of up to 30,000 won on all agricultural and fishery products, compared with the current program, which is limited to 22 major products and provides discounts of up to 10,000 won.

"Amid continued increases in the prices of agricultural and fishery products, upward pressure on produce prices also exists due to an earlier-than-expected monsoon season and high temperatures," the finance ministry said.

"We plan to implement major discount promotions for all agricultural and fishery products for the first time so that people can feel the impact of lower groceries," it added.

The government will also seek to lower prices by seeking direct imports, including finding new sources for mackerel, including Britain.

The latest measure came as the government aims to tackle inflation after consumer prices rose 3.1 percent last month from a year earlier. It marked the sharpest increase in 26 months, matching the pace recorded in March 2024.

During a meeting with economy-related ministers held earlier in the day, Finance Minister Koo Yun-cheol said the government will make efforts to keep inflation at around 3 percent in the second half of 2026.