Seoul: South Korea will release a record 183,000 tons of key food products ahead of the Chuseok holiday later this month, the finance ministry announced Tuesday, as part of its effort to stabilize consumer prices.

According to Yonhap News Agency, the Ministry of Finance and Economy stated that the measure aims to ease price burdens related to popular food items for the Korean equivalent of Thanksgiving, which is marked by family reunions and ancestral rites. The government plans to supply 18,000 tons of vegetables, including napa cabbages and radishes, as well as 32,000 tons of fruits, such as apples and pears.

Additionally, the government will release a combined 90,000 tons of beef and pork, along with 17,000 tons of chicken. For seafood products, 20,000 tons from reserves, including mackerel, pollock, and squid, will be released at prices up to 40 percent below market levels.

The government intends to spend 103 billion won (US$75.2 million) to support discount events at offline and online stores. Starting Thursday, discounts of up to 40 percent on agricultural and livestock products will be offered, followed by discounts of up to 50 percent on major seafood products starting September 9.

From September 16-20, shoppers at 300 traditional markets for agricultural and livestock products and seafood will be eligible for refunds equivalent to about 30 percent of their purchases, capped at 20,000 won, in the form of gift certificates. To facilitate holiday travel, expressway tolls will be waived from September 24-27, and a 10 percent discount on KTX train fares will be offered.

Businesses with fewer than 30 employees will be allowed to defer employment and industrial accident insurance premium payments. Small business owners will also be permitted to pay their electricity bills in installments for up to six months and their gas bills in installments for up to four months. This year's Chuseok holiday runs from September 24-27.