Seoul: Prime Minister nominee Kim Min-seok is set to engage with key figures from the food industry this week in response to escalating consumer prices, as reported by industry sources on Thursday. The meeting aims to address the recent surge in food costs, with a focus on developing potential solutions to mitigate the financial impact on consumers.

According to Yonhap News Agency, Kim plans to meet on Friday with representatives from the Korea Food Industry Association (KFIA), the Korea Foodservice Industry Association (KOFSIA), and the Korea Franchise Association (KFA), alongside consumer rights groups and industry experts. The Ministry of Agriculture, Food and Rural Affairs will also be present at the discussions, reflecting the government's commitment to tackling this pressing issue.

The initiative comes on the heels of remarks by President Lee Jae-myung during an emergency economic task force meeting earlier this week. President Lee questioned the current pricing of everyday food items, such as ramyeon, and emphasized the need for immediate price-control measures. Following his visit to Seoul National Cemetery, President Lee's concerns about inflation have prompted swift action from government officials.

In a recent press conference, Kim highlighted the urgency of addressing food price inflation, stating that everyday food prices are a significant concern for the public. He requested that the Prime Minister's Office facilitate the upcoming meeting, reaffirming his dedication to resolving the issue in his capacity as nominee.

A survey by the Federation of Korean Industries (FKI) revealed that 60% of respondents view price stabilization as a critical issue for the new government. Despite a slight decline in the overall consumer price inflation rate to the 1 percent range in May, processed food prices have remained elevated.

The past six months have seen over 60 food and restaurant companies increase their prices, drawing criticism for potentially exploiting the political instability following the impeachment of President Yoon Suk Yeol. Industry officials, however, argue that these price adjustments were necessary due to rising import costs of raw materials. They maintain that profit margins in the food sector are comparatively lower, leaving companies with limited options.