Seoul: South Korea will allocate an additional 90 billion won (US$67.2 million) to stabilize prices of major food items ahead of this month's extended Chuseok holiday, on top of the 103 billion won previously announced, the finance ministry said Wednesday. The Ministry of Finance and Economy unveiled the plan as the country prepares to celebrate Chuseok, the Korean equivalent of Thanksgiving, from September 24-27. The holiday is marked by visits to hometowns, family reunions, ancestral rites, and preparation and consumption of specially prepared food.
According to Yonhap News Agency, the discount campaign, originally scheduled to run through September 23, will continue until the end of the month. The government will release another 2,000 tons of popular fishery products this month, supplementing an earlier batch of 20,000 tons.
In addition, the government will collaborate with 20 processed food manufacturers to offer discounts of up to 64 percent on 4,765 products, the finance ministry added. The ministry also noted that the average cost of preparing a Chuseok ancestral rite table for a family of four was estimated at 331,089 won ($247), reflecting a 2.3 percent decrease from the previous year.