'Largest-Ever' Funding Injected: "270,000 Tons of Apples and Pork Released, Mackerel at Half Price" in Full-Scale Effort to Stabilize Lunar New Year Prices

Announcement of Measures to Stabilize the Cost of Living at the Ministerial Meeting on Economic Affairs on the 27th
Onnuri Gift Certificate Refund Program Expanded to 33 Billion Won
Loan Maturities Extended by One Year to Ease the Burden on Small Bu

Ahead of the Lunar New Year holiday, the government will release 270,000 tons of key holiday products such as apples and pork into the market to ease the burden of rising grocery prices. To lower the prices of agricultural, livestock, and marine products sold at large retailers, the government will invest 91 billion won. Both measures represent the largest scale ever. In addition, the budget for the event that refunds up to 20,000 won in Onnuri gift certificates for purchases at traditional markets has been increased to 33 billion won. Furthermore, from February 15 to 18, during the holiday period, highway tolls will be waived, and passengers traveling in the reverse direction of the usual holiday traffic will receive KTX fare discounts.

On the 2nd, a merchant at Garak Agricultural and Marine Products Wholesale Market in Songpa-gu, Seoul, is displaying fruits. Photo by Yongjun Cho jun21@

On January 28, Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul presided over the 'Ministerial Meeting on Economic Affairs and the Ministerial Meeting on Public Livelihood,' where the government announced these measures to stabilize livelihoods during the Lunar New Year. First, to stabilize grocery prices during the holiday, the government will supply a record 270,000 tons of 16 key holiday items, including napa cabbage, apples, and pork. In addition, 91 billion won in government subsidies will be provided to lower the prices of key products such as mackerel and radish sold at large retailers by up to 50 percent.

The scale of the event that refunds 10,000 to 20,000 won in Onnuri gift certificates for purchases of agricultural, livestock, and marine products at traditional markets will also be increased to 33 billion won this year, up from 27 billion won last year. The number of participating markets has also increased from 160 to 200 for agricultural and livestock products. A Ministry of Economy and Finance official stated, "To make it more convenient for consumers to receive refunds, we will integrate the booths for agricultural, livestock, and marine products and introduce a mobile queuing system."

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul is speaking at the Ministerial Meeting on External Economic Affairs held at the Government Complex Seoul in Jongno-gu, Seoul on January 26, 2026. Photo by Jo Yongjun

For four types of agricultural and marine products-mackerel, bananas, pineapples, and mangoes-the government will apply quota tariffs to encourage price reductions. Quota tariffs are a system that lowers tariff rates on certain imported goods to stabilize prices. In addition, joint public-private on-site inspections will be conducted to prevent price gouging, and investigations into collusion in essential sectors such as sugar (to be reviewed in February) and flour (to be completed by March) will be expedited.

To ease the burden on small business owners and SMEs, the government will provide a record 39.3 trillion won in holiday funds. The maturity of 58 trillion won in loans and guarantees will also be extended by one year. The period required for the government to process wage arrears payments on behalf of employers will be reduced from 14 days to 7 days. The 'Culture Nuri Card,' which allows vulnerable groups to access cultural, tourism, and sports activities, will also begin new issuance before the holiday.

Finally, to revitalize local economies, the government, in cooperation with local governments, will issue 4 trillion won worth of local love gift certificates during January and February. In the same period, travel expenses will be subsidized for 50,000 workers at SMEs and other companies, with up to 50,000 won in additional support provided during the holiday, and various transportation and resort facility fees will be waived. For the general public, highway tolls will be waived nationwide from February 15 to 18, and KTX passengers traveling in the reverse direction of the usual holiday traffic will receive discounts of 30 to 50 percent. Meanwhile, to attract Chinese tourists during the Chinese New Year, the government plans to intensively promote travel packages that combine direct flights, cruises, and other transportation options in cooperation with Chinese travel platforms.