Five South Korean food companies plan to start lowering prices next month.

South Korea's Ministry of Agriculture, Food and Rural Affairs said on Thursday that in response to the government's initiative to stabilize consumer prices, major baking, ice cream, and candy companies plan to lower product prices starting next month. A total of five companies have decided to reduce the prices of 19 candies, baked goods, and ice cream products by 100 to 400 Korean won starting in April, with the highest reduction reaching 13.4%. The companies participating in this price reduction include candy giant Lotte Confectionery, ice cream producer Binggrae, and pastry manufacturer SPC Samlip, which is a subsidiary of South Korea's food giant SPC Group.