SEOUL, March 19 (AJP) - Major retailers will cut prices by more than 10 percent next month to ease the burden on households.
After a meeting in Seoul on Thursday, the Ministry of Agriculture, Food and Rural Affairs said retail prices for roughly two dozen items including confectionery, bakery products, and ice cream will be reduced by 100 to 400 won (US$0.07 to $0.27) or up to 13.4 percent starting from next month.
Cooking oil and instant noodle makers will also lower prices on their major products.
According to the ministry, the retailers voluntarily decided to lower prices amid a looming global inflation that is already biting people's livelihoods, as the Middle East conflict that began with U.S.-led airstrikes on Iran shows no signs of ending soon.
The ministry said it has also been closely monitoring prices of other key items such as eggs, pork, garlic, toilet paper, and laundry detergent to curb sharp price hikes and crack down on unfair practices trying to take advantage of supply shortages.
It also vowed to inspect and punish anyone found illegally colluding to hike prices.
After a meeting in Seoul on Thursday, the Ministry of Agriculture, Food and Rural Affairs said retail prices for roughly two dozen items including confectionery, bakery products, and ice cream will be reduced by 100 to 400 won (US$0.07 to $0.27) or up to 13.4 percent starting from next month.
Cooking oil and instant noodle makers will also lower prices on their major products.
According to the ministry, the retailers voluntarily decided to lower prices amid a looming global inflation that is already biting people's livelihoods, as the Middle East conflict that began with U.S.-led airstrikes on Iran shows no signs of ending soon.
The ministry said it has also been closely monitoring prices of other key items such as eggs, pork, garlic, toilet paper, and laundry detergent to curb sharp price hikes and crack down on unfair practices trying to take advantage of supply shortages.
It also vowed to inspect and punish anyone found illegally colluding to hike prices.
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