By Kang Yoon-seung
SEOUL, Aug. 31 (Yonhap) — The Ministry of Economy and Finance in South Korea declared Thursday that October 2nd will be a temporary holiday, forming a six-day break that begins the day before the Chuseok holiday and ends with National Foundation Day. This is the latest measure taken to encourage domestic consumption.
The government is keeping an eye on the prices of major agricultural and livestock products prior to the holiday.
A shopper looks at gifts for the Chuseok holiday at a supermarket in Seoul on Aug. 29, 2023. (Yonhap)
The Ministry of Economy and Finance reported that consumer prices have been on the decline since reaching a peak of 6.3 percent in July 2022. Nevertheless, due to the rise in global oil prices and seasonal factors, the inflation rate is projected to stay above 3 percent in August and September.
To that end, the government plans to reduce the cost of 20 main foods by 5 percent compared to the previous year. These products include napa cabbage, apples, pears, onions, beef, and certain seafood items. Additionally, the government is allocating a record-breaking 670 billion won to provide discounts on agricultural goods, resulting in a minimum discount of 30 percent.
Furthermore, highway tolls will be waived throughout the holiday to promote tourism, and 600,000 accommodation vouchers will be issued in the second half of the year.
colin@yna.co.kr
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