South Korea to set up task force to control food prices

South Korea will establish a task force to focus on price limits for critical food commodities such as milk and coffee in response to the recent surge in food costs, officials said.

“The government personnel would be responsible for closely monitoring the prices of each of the seven price-sensitive food categories under the task force,” the Ministry of Agriculture, Food, and Rural Affairs said, according to “Yonhap” News Agency.

The products include instant noodles, bread, snacks, coffee, ice cream, sugar, and milk.

“We will establish the task force following internal debate and collaboration with other relevant ministries and agencies; the task force is not a long-term organization; it exists just till prices settle,” said an agricultural ministry official.

The measure is in line with the government’s efforts to bring major food costs under control.

According to Statistics Korea, the consumer price index for ice cream increased 15.2% from the previous year in October, while milk and bread prices increased 14.3% and 5.5%, respectively.

Snacks, sweets, and other frozen goods climbed by 10.6% year on year, while coffee, tea, and hot chocolate increased by 9.9%.

Overall, consumer prices in the country grew 3.8 percent year on year last month, marking the third straight month of year-on-year increases.