South Korean stocks retreated nearly 1 percent Friday, marking the lowest closing since December 2020, due to inflation woes amid heightened expectations of rate hikes by the Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 28.39 points, or 0.99 percent, to close at 2,834.29 points. Trading volume was moderate at about 524 million shares worth some 10.5 trillion won ($8.8 billion), with losers far outnumbering gainers

South Korea plans to increase the supply of beef and pork by around 50 percent on-year ahead of the Lunar New Year holiday in an effort to help stabilize consumer prices, a senior government official said Friday. The government plans to increase the supply of beef and pork, key foodstuff needed to prepare for holiday meals, to 18,700 tons and 67,200 tons, respectively, according to Vice First Finance Minister Lee Eog-weon. South Korea began providing a record amount of 204,000 tons of holiday-