Vice Industry Minister Asks Retailers to Delay, Minimize Price Hikes

The government has urged retailers to delay and minimize price hikes amid growing concerns about soaring prices. 

First vice industry minister Kang Kyung-sung made the call on Thursday during a meeting with officials from large-scale retailers and convenience stores. 

In the meeting, the vice minister asked the officials to postpone price hikes for as long as possible and minimize the hikes so as not to cause prices of other products to rise, while acknowledging their need to raise prices due to increased manufacturing costs and import costs. 

The vice minister also asked the retailers to provide sufficient information regarding the price hikes to the public in advance and actively explore private-label products to ensure people have alternative options if they can no longer afford the ordinary products.