Deputy Prime Minister Koo Yoon-chul Visits Cheonan Jungang Market: "All-Out Efforts to Stabilize Perceived Lunar New Year Prices"

Ahead of the Lunar New Year holiday, government ministries responsible for economic affairs and public welfare visited traditional markets to inspect the prices and supply of essential holiday goods. The government has announced plans to make every effort to ease the public’s burden of perceived inflation during the holiday period by providing the largest-ever supply of key goods and expanded discount support.

On February 2, Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul, together with Lee Byungkwon, Second Vice Minister of SMEs and Startups, Kim Jonggu, Vice Minister of Agriculture, Food and Rural Affairs, and Choi Hyunho, policy chief for fisheries at the Ministry of Oceans and Fisheries, visited Jungang Market in Cheonan, Chungnam, to check the supply and demand trends for essential Lunar New Year goods and to review the implementation status of the “Lunar New Year Livelihood Stabilization Measures.”

This on-site visit was conducted to ensure that price control and discount support for items with volatile prices are being properly implemented in the field, in anticipation of rising perceived prices due to increased demand during the holiday season.

Deputy Prime Minister Koo personally checked the selling prices of items such as mackerel and eggs, which have recently seen significant price increases. He requested that relevant ministries continue to manage the supply of price-volatile goods and maintain discount support without interruption, as perceived prices could rise with increased demand for holiday essentials. He also asked for particular attention to safety management in connection with the on-site refund event for Onnuri gift certificates at traditional markets.

Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-cheol (center) visited the Jungang Market in Cheonan, Chungnam on the 2nd to check the supply and demand trends of essential goods for the Lunar New Year holiday and the implementation status of the Lunar New Year livelihood stabilization measures. He inspected prices at the livelihood sites by purchasing items at major stores. Ministry of Strategy and Finance

Through these measures, the government will supply 270,000 tons of 16 key Lunar New Year goods-1.5 times the usual amount-and invest a record 91 billion won in agricultural, livestock, and fisheries product discount support and Onnuri gift certificate refunds. Essential goods will be offered at discounts of up to 50 percent, and the budget for on-site refunds of Onnuri gift certificates has been increased from 27 billion won last year to 33 billion won this year.

The Ministry of SMEs and Startups has raised the discount rate for digital Onnuri gift certificates from the usual 7 percent to 10 percent during the Lunar New Year period. The Ministry of Agriculture, Food and Rural Affairs will jointly operate the Onnuri gift certificate refund event at traditional markets with the Ministry of Oceans and Fisheries from February 10 to 14, and will pilot a mobile waiting system to improve user convenience. The Ministry of Oceans and Fisheries will expand the number of markets participating in the seafood Onnuri gift certificate on-site refund program from 120 last year to 200 this year-an increase of more than 60 percent-and will double the issuance of “Seafood Grand Sale” gift certificates to 10 billion won, compared to normal periods.

In addition, the measures include 5 billion won in low-interest support for traditional market merchants to purchase essential goods, and 39.3 trillion won in new loans and guarantees to support liquidity for small business owners and SMEs during the holiday season. The government also plans to continue supporting market merchants and small business owners by resolving their difficulties through inter-ministerial cooperation even after the holiday period.