Gov't to implement measures to curb inflationary pressure on foodstuffs ahead of Lunar New Year

SEOUL, Jan. 16 (Yonhap) -- The government will implement various measures to curb inflationary pressure on foodstuffs and alleviate the financial burden on households ahead of the Lunar New Year holiday, a senior government official said Thursday.

Demand for vegetables and other food items typically surges in South Korea during the Lunar New Year holiday, known as Seol, as families prepare traditional meals for gatherings. This year's holiday will last six days, from Jan. 25 to Jan. 30, after the government designated Jan. 27 as a temporary national holiday.

"To stabilize perceived prices of holiday essentials, the government will immediately implement additional measures, such as expanding agricultural product discounts and applying tariff rate quotas," First Vice Finance Minister Kim Beom-seok said during a meeting on inflation.

The government plans to issue additional discount vouchers worth 6.6 billion won (US$4.5 million) for agricultural and livestock products, on top of the originally planned 20 billion won for the holiday period.

The government will also introduce a new tariff rate quota on cabbage and napa cabbage, effective through the end of April. The tariff rate quota system allows a specified volume of imports to enter the country at reduced tariff rates for a limited time.

khj@yna.co.kr
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