PM pledges to root out price-fixing practices

Prime Minister Han Seong-sook pledged on Wednesday to eradicate price-fixing practices in South Korea, highlighting that the government has imposed more than 1.8 trillion won ($1.3 billion) in administrative fines on companies involved in collusion this year alone. In a post on X, she emphasized that stabilizing prices is a crucial responsibility of the government.

"We will firmly safeguard the people's dining tables from price-fixing," she stated. Han noted that the fines imposed this year for price-fixing of sugar, eggs, flour, and starch-related products led to price drops of up to 26.5% for those items. She promised to root out such collusion and strengthen economic sanctions to ensure that no further profits can be gained through such practices.