Government provides discounts on groceries to combat inflation
Discount Program for Domestic Agricultural and Livestock Products Launched in South Korea
The South Korean Ministry of Agriculture, Food and Rural Affairs, in collaboration with the Korea Agro-Fisheries & Food Trade Corp., has initiated a new discount program aimed at supporting domestic producers amidst ongoing trade pressures and negotiations, particularly with the U.S. market.
The program offers consumers the opportunity to purchase locally produced agricultural and livestock products at discounts of up to 40 percent. The discount consists of a 20 percent government subsidy and an additional 10 to 20 percent discount from participating retailers.
The refund event, organised by the Korea Agro-Fisheries & Food Trade Corp., is being held at 130 traditional markets nationwide from Monday through Saturday. Refunds are given at designated booths after presenting receipts. For purchases between 34,000 and 67,000 won, the refund is capped at 10,000 won. For purchases above 67,000 won, the refund is capped at 20,000 won per person. The refund event is capped at a total of 60,000 won per person for the duration of the campaign.
Customers can also benefit from the discount program when shopping online. By downloading product-specific coupons and applying them at checkout, online shoppers can enjoy the same discounts as those shopping in-store.
Moon In-cheol, executive vice president of the Korea Agro-Fisheries & Food Trade Corp., stated that the initiative aims to ease the burden on consumers during the high-demand summer season. He also mentioned that the organization will continue to provide effective policy support that makes a real difference.
With over 12,000 retailers participating in the discount program, consumers can take advantage of these savings until the campaign ends on Wednesday. This additional support measure, along with the nationwide discount program, is expected to help stabilise supplies and ease grocery costs amid inflation concerns.
Businesses in the agricultural and livestock sector can utilize the government's discount program to offer discounts of up to 40 percent on personal-finance savings to consumers, aiming to alleviate financial burdens during the high-demand summer season. This initiative, supported by the South Korean Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp., extends to both in-store and online purchases, with over 12,000 retailers participating in the program.
