The government unveiled a new Chuseok price plan on Monday to stabilize holiday costs and encourage household spending. Officials announced they will release 172,000 tons of key food items, the largest supply ever prepared. They also promised 90 billion won ($64.5 million) in discounts for essential goods. Finance Minister Koo Yun-cheol led the meeting where these measures were finalized. Authorities aim to ease cost pressures and support consumer confidence before next month’s holiday.
The initiative will supply 1.6 times the usual volume of food items ahead of Chuseok. Discounts of up to 50 percent will apply to premium Korean beef, seasonal fruits, and other gift sets. Around 2,700 direct-to-consumer markets will open nationwide to improve access to affordable products. Officials expect these steps to protect family budgets while sustaining producer income. They also hope to stimulate regional consumption during the holiday period.
Koo stressed that July retail sales posted their fastest growth in more than two years. Yet he noted that families still face high prices for popular foods. The Chuseok price plan aims to spread economic recovery to local businesses and communities. Authorities view strong household consumption as vital for keeping growth steady. Supporting merchants, they said, remains a central part of the strategy.
Longer-term changes target rising agricultural distribution costs. The government wants to cut these expenses by 10 percent by 2030. Officials will grow online wholesale markets from six percent of transactions to half by decade’s end. They expect greater competition and efficiency to help stabilize produce prices. Reducing the gap between farm receipts and consumer prices is another priority.
Analysts believe the Chuseok price plan could anchor inflation expectations and boost holiday sales. Officials will track supply conditions as the measures roll out. They aim to combine immediate price relief with structural reforms in agriculture. A balanced approach, they argue, will help families enjoy Chuseok while supporting producers. Policymakers see these efforts as key to a stronger, more resilient economy.
