Major bakery, ice cream and confectionary companies plan to cut prices of its products starting next month, to take part in the government's initiative to stabilize consumer prices, the agriculture ministry said Thursday. The plan was announced at an interagency task force meeting, aimed at stabilizing prices of goods in the retail sector, presided over by Vice Agriculture Minister Kim Jong-gu. According to the ministry, a total of five companies decided to cut prices of 19 confectionary, bakery and ice cream products by between 100 won to 400 won, or up to 13.4 percent, starting April. Participating companies include confectionary giant Lotte Wellfood Co., ice cream producer Binggrae Co. and pastry maker SPC Samlip. Co., under local food giant SPC Group. Previously, domestic sugar and flour producers lowered prices by 5 percent following a criminal investigation into alleged industry collusion. Other food product makers, including CJ CheilJedang Corp., have also announced price cuts amid the government's pressure on the industry to participate in its initiative to respond to inflationary