Gov't to spend extra $67.2 mil. on food discounts ahead of Chuseok
Korea will allocate an additional 90 billion won ($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 Sept. 24-27.…
The Korean government plans to allocate an extra 90 billion won, equivalent to $67.2 million, to maintain stable prices for essential food items as the country prepares to observe the extended Chuseok holiday. This additional funding brings the total amount announced by the finance ministry to 103 billion won. Chuseok, the Korean Thanksgiving, is observed from September 24 to 27, during which families gather, pay ancestral respects, and indulge in traditional meals.
The discount initiative, originally set to run until September 23, will now extend until the end of the month. To support this effort, the government will release an additional 2,000 tons of popular fishery products, complementing the initial 20,000 tons. Collaborating with 20 processed food manufacturers, the ministry will offer discounts ranging from 64% off on 4,765 products.
The ministry also estimated the average cost of preparing a Chuseok ancestral rite table for a family of four at 331,089 won, a 2.3% decrease compared to the previous year.
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