Government adds 90 billion Korean won for Chuseok price stabilization

  • South Korea adds 90 billion won to Chuseok price-support measures
  • Reserve seafood releases increase by 2,000 tons to 22,000 tons
  • Authorities will inspect holiday businesses from September 14 to 22

South Korea’s government will add 90 billion won (about $67.3 million) in available funds to its existing 103 billion-won (about $77.1 million) Chuseok support program, bringing total support to 193 billion won. The agricultural and livestock discount event will run through September 30, with the previous 20,000-won weekly per-person cap abolished. Discounts of up to 50% will be available at about 12,000 retailers. The government will release an additional 2,000 tons of reserve seafood, taking total releases to 22,000 tons, or about three times normal supply, with prices up to 50% below market levels. Processed-food promotions covering 4,765 products will continue with 20 participating companies and discounts of up to 64%. Authorities will conduct joint price-gouging inspections from September 14 to 22, strengthen sanctions against offending businesses and investigate abuses involving tariff-rate quotas and tax evasion.

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