The Fair-Trade Commission is planning to investigate the situation in the food industry, which is experiencing record price surges.
In a statement on the 24th, the Fair-Trade Commission announced that it plans to investigate the current situation of competition in the food market as one of the consumer protection measures related to the recent sharp rise in food prices.
“The purchasing power of the people has recently decreased,” the KTC said. “The purpose of the investigation is to suggest ways to improve competition in the industry.
In this investigation, the KFTC plans to track and study the degree of association between rising food prices and changes in the competitive structure, lessons to be learned from other countries to intensify competition, and government measures to lower barriers to entry in the industry to promote competition.
However, the KFTC explained that the investigation is not a response or action to specific corruption.
Food prices in Canada rose 11.4 per cent last month compared to the same period last year, the steepest increase in 41 years, according to Statistics Korea.
The National Statistical Office cited unfavorable climatic conditions, rising raw material prices such as fertilizer and natural gas, and geopolitical instability such as Russia’s invasion of Ukraine as reasons for the rise in food prices.
The KFTC will receive general suggestions or opinions from stakeholders by the 16th of next month, undergo a comprehensive review, and then issue a final report in June next year.
Earlier, the House of Representatives adopted a resolution last week calling for government action against record-breaking inflation, including an investigation into the food industry by the Trade Commission.
The House of Representatives Agricultural and Food Committee will also hold a hearing to investigate the price and cost of the food supply chain.