The government will implement an emergency tariff on processed food raw meat and processed egg products. This decision comes as prices of processed foods have recently risen, increasing the burden on consumers. The aim is to suppress further price increases of processed foods and to maintain stability in domestic pork and egg prices.
Bom Kim, first vice minister of the Ministry of Economy and Finance, held a 'price-related vice minister meeting' at the Government Seoul Complex on the morning of the 11th and noted, “To stabilize prices in closely related sectors, we will implement a tariff on 10,000 tons of processed food raw meat (pork) and 4,000 tons of processed egg products starting in May.”
He added, “We will thoroughly monitor to ensure that price increases stemming from collusion or unfair practices do not occur, focusing on the Fair Trade Commission.”
The government plans to encourage processed food companies to use imported raw meat and imported egg products through the tariff. This is due to concerns that continued use of domestic pork raw meat and eggs by processed food companies could drive up prices.
According to Statistics Korea, pork prices have been on the rise recently. The inflation rate for pork (compared to the previous year) recorded 8.4% in January, 7.6% in February, and 6.5% in March. Eggs are in a situation where a recent decrease in supply and an increase in demand raise concerns about future price increases.
The government plans to induce stable maintenance of processed food prices. According to the 'March 2025 Consumer Price Trends' released by Statistics Korea, last month's processed food prices rose by 3.6% compared to the same month last year, exceeding the consumer price index increase rate of 2.1% in March. This is the highest level in 15 months since December 2023 (4.2%).
Meanwhile, the government plans to conduct a thorough investigation of damages to agricultural and livestock products caused by forest fires by the 15th and to establish measures to minimize their impact on supply and demand. In particular, as Andong and Cheongsong, where the forest fires occurred, are major apple-producing areas, the government will proactively focus on providing agricultural technology support, supplies of pesticides and nutrients, and ensuring growth management to prevent supply instability of apples. If price volatility increases, they plan to support discounts on agricultural products.
Vice Minister Kim emphasized, “Though the rising trend in oil prices has eased, concerns among the public regarding the burden of living costs for agricultural, livestock, and processed food products continue, alongside ongoing uncertainties due to weather conditions and geopolitical factors. We will do our best, in collaboration with relevant departments, to minimize the impact of agricultural and livestock damage caused by forest fires and stabilize food prices.”