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[Alpha Biz=(Chicago) Reporter Paul Lee] Regarding the "Promotion" of food companies, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said, "I don't think it is an honest sales act." He added that he is considering ways to guarantee consumers' right to know in this regard.
Deputy Prime Minister Choo visited E-Mart's Yongsan branch in Yongsan-gu, Seoul, on the 14th to check the prices of milk whose prices have risen due to rising prices of vegetables and crude oil and frozen foods that have been under controversy over an "increase in trick."
He met with reporters here and mentioned shrinkflation. "There are cases where some contents are reduced, but the public's distrust grows and it is not a sustainable business act," Deputy Prime Minister Choo said. "If the company keeps the price while reducing the amount, it is necessary to inform consumers accurately even if it is the seller's autonomy." He added that related agencies, including the Fair Trade Commission, are together considering measures that consumers can know when the contents of their products change.
Regarding criticism that product prices are rising despite the recent drop in food raw material prices, he said, "If (the company) unfairly raises prices even though there are no factors for rising costs, we hope that consumer groups will strengthen their monitoring activities and the media will actively sue them through reports." He also added, "We ask you to refrain from jumping on the bandwagon through industry meetings."
Regarding the increase in soju and beer prices, "The tax base is different from domestic and overseas standards," he said. "We will actively consider ways to contribute to stabilizing liquor prices by introducing a standard sales ratio system."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
