The South Korean government will scrap the 20,000-won weekly discount cap per person on agricultural and livestock products for the Chuseok holiday and extend the discount program by one week, to the 30th from the 23rd of this month. It will also release 2,000 tons more of state-stockpiled seafood, including pollock and squid, than initially planned, and widen the discount on supply prices to as much as 50% below market rates, from 40%.
The measures were announced on the 9th at a meeting of ministries on prices, which doubled as a task force on stamping out price gouging during Chuseok. The meeting was chaired by Kang Ki-ryong, assistant minister for economic and fiscal policy at the Ministry of Finance and Economy.
The government will add 90 billion won from available funds to the 103 billion won discount support budget for agricultural, livestock and fisheries products announced on the 1st. That brings total support to 193 billion won.
For agricultural and livestock products, the 20,000-won weekly per-person cap that had applied during the discount period will be removed. The program, which began on the 3rd of this month, will now run through the 30th instead of the 23rd. As a result, shoppers will be able to buy those products at discounts of up to 40% even after the Chuseok holiday ends.
The seafood discount program will run from the 9th of this month through the 4th of next month. The maximum discount is 50%, and the 20,000-won per-person cap on seafood will remain in place. Separate caps apply to Onnuri gift certificate rebates at traditional markets and to Zero Pay mobile gift certificates.
Supplies of state-stockpiled seafood will increase to 22,000 tons from 20,000 tons, about three times normal levels. The additional volume includes 1,300 tons of pollock, 300 tons of squid and 300 tons of small yellow croaker.
The stockpiled seafood will be supplied to wholesale markets, supermarkets and traditional markets at prices up to 50% below market rates, a discount 10 percentage points deeper than previously planned.
The number of companies taking part in the processed food discount program will expand to 20. During September, 4,765 items including instant noodles, tofu, bread and beverages will be discounted by as much as 64%. Discounts of up to 50% will apply to 257 types of instant noodles, 288 types of sauces and pastes and 442 types of snacks, while 1,189 types of beverages will be discounted by up to 64%.
The government will also conduct joint on-site price inspections with relevant ministries from the 14th to the 22nd of this month, targeting restaurants and lodging businesses at markets and tourist sites.
From the 16th to the 20th, when Onnuri gift certificate rebate events are held at traditional markets, inspectors will focus on practices such as charging prices that differ from those displayed or selling less than the stated quantity.
