As prices for essential foods like rice and instant noodles soar in South Korea, the government has initiated a comprehensive effort to address unfair trading practices that contribute to inflation. On January 11, Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, convened the first meeting of the 'Task Force for Special Management of Consumer Prices', announcing plans to monitor and rectify unfair trading behaviors that distort supply chains. The goal is to enhance price stability for basic necessities, which have been a heavy burden on the public due to cumulative price increases over the years.

Statistics from the National Data Agency highlight the problematic inflation rates, showing consumer prices for livestock and seafood have risen significantly, exceeding the average inflation rate. Specifically, rice prices have surged by 18.3% compared to last year, and instant noodles have seen an 8.2% increase. In light of these high prices for essential goods, the government determined that action is necessary, as many citizens experience a heightened cost of living that is not reflected in broader inflation figures.

In response, the government will conduct joint inspections led by the Fair Trade Commission to identify potential collusion or abuse of market dominance among suppliers. This includes a targeted approach based on price increases, market concentration, and their impact on consumers. Additionally, measures will be taken against those misusing customs quotas meant to stabilize prices; the customs office has committed to conducting inspections to stop such practices. These efforts are vital as the government aims to alleviate the financial strain on everyday citizens caused by rising consumer prices, especially as holidays approach, stressing the importance of affordability in food items for the general public.