South Korea to import 200 million eggs, offer 20% discount amid price surge

South Korea's government announced a comprehensive package worth 350 billion won to stabilize consumer prices and alleviate the burden on households, following a directive from President Lee Jae-myung to implement "special measures" to reduce inflationary pressures.

A key focus of the plan is to tackle rising food costs, particularly for eggs, which have seen a 30% price increase compared to last year. To address this, the government will import an additional 200 million eggs and offer a 20% discount on all types of eggs, including premium animal welfare varieties. This discount will be part of a broader initiative extending to all agricultural, livestock, and fishery products, significantly expanding the current program which covers only 22 items with a 10,000 won per person limit.

The new measures will increase the per-person discount limit to 30,000 won and broaden the scope to all eligible products throughout July and August. Discounts on rice will also be enhanced, increasing from 5,000 won to 6,000 won per 20kg bag. For seafood, items whose prices have risen more than 10% month-on-month will receive up to a 60% discount, with plans for continuous discounts until the end of the year. Traditional market vouchers, previously issued mainly during holidays, will now be available monthly with potentially double the value.

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We must quickly establish special measures to significantly ease the burden on household budgets and lower the all-around price pressure on people's lives.

Beyond food, the government will provide relief on essential living costs. This includes expanding eligibility for highway toll discounts for disabled individuals and veterans, and introducing weekend and holiday discounts for multi-child households starting July 28. Households using kerosene or LPG for heating will receive an additional 147,000 won through the energy voucher program. For small business owners, incentives like a 5% additional cashback for purchases made with local currency at designated "good price" stores will be expanded.

The Ministry of Economy and Finance expressed confidence that these measures would help keep inflation below 3% in the latter half of the year. The plan aims to provide tangible relief to consumers struggling with the rising cost of living.

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We will do our best to ensure that consumer prices in the second half of the year do not exceed 3% and are managed at a low level.