Prime Minister nominee Kim Min-seok is making the opening remarks at the listening meeting for stabilizing food prices, held on the morning of the 13th at the office of the hearing preparation team established at the Financial Supervisory Training Institute in Jongno District, Seoul, with representatives from the food and restaurant industries in attendance./Courtesy of News1

During the food and restaurant price meeting chaired by Prime Minister nominee Kim Min-seok on the 13th, the Korea Food Industry Association explained that the price increases by food companies are due to worsening economic conditions such as skyrocketing exchange rates after the state of emergency. This meeting was held following President Lee Jae-myung's mention of '2,000 won for ramen.'

Kim Myung-chul, the executive vice president of the Korea Food Industry Association, explained that the food industry has faced management difficulties due to soaring raw material prices, rising labor and energy expenses last year, but they have been minimizing price increases in line with the government's price stabilization efforts.

Additionally, Vice President Kim urged the need to resolve supply uncertainties for some raw materials, such as soybeans imported under the tariff rate quota (TRQ), and to extend the number of tariff items and the duration of application.

Yoon Hong-geun, chairman of the Genesis BBQ Group, a chicken franchise, and the Korea Restaurant Industry Association, explained that various expenses such as rent and labor costs have risen, making price increases unavoidable, and that the profitability of restaurant owners continues to worsen.

He also addressed the issue of delivery fees. Chairman Yoon noted that the burden of delivery fees is a significant problem and requested an expansion of support for public delivery apps. Yoon said, '30 to 40% of sales go to delivery apps, so the more we sell, the greater the deficit becomes.'

Prime Minister nominee Kim stated in his opening remarks regarding delivery intermediary fees, 'I understand that discussions will begin, including legislation, on what the appropriate level should be,' and added, 'The government will also keep an eye on this, and perhaps the legislature could take a more proactive and priority interest.'

Meanwhile, last month, the consumer price inflation rate decreased to the 1% range for the first time in five months compared to the same month last year, but processed food prices remained high at around 4% for the second consecutive month, and restaurant prices increased by more than 3%.