Seoul: The government will implement 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 announced Thursday. The 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.

According to Yonhap News Agency, First Vice Finance Minister Kim Beom-seok stated during a meeting on inflation that the government aims to stabilize perceived prices of holiday essentials. The measures include expanding agricultural product discounts and applying tariff rate quotas. To support this initiative, the government plans to issue additional discount vouchers worth 6.6 billion won (US$4.5 million) for agricultural and livestock products, supplementing the originally planned 20 billion won for the holiday period.

Furthermore, the government will 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, providing relief from inflationary pressures during the holiday season.