Government to Cut Prices of Mackerel and Holiday Staples by Up to 50% Ahead of Lunar New Year
Creatrip Team
7 months ago
Facing a sharp rise in prices for mackerel (a popular everyday fish) and other holiday staples, South Korea’s government announced a large subsidy plan to make food cheaper before the Lunar New Year. Deputy Prime Minister Koo Yoon-chul told a cabinet meeting the government will spend a record 91 billion won to support discounts up to 50% on items like mackerel, cabbage, radish, apples, pears, beef, and pork. Authorities will increase supply of 16 key holiday goods to about 270,000 tons (1.5 times normal supply), import 2.24 million fresh eggs, and expand a voucher refund program (Onnuri gift certificates). The plan also includes stronger action against price gouging and cartels for sugar, flour, eggs, and starch-sweeteners, and applies tariff quotas to some imports (e.g., mackerel, bananas, pineapples, mangoes) to stabilize prices. Imported mackerel prices have jumped nearly 30% over the year—mainly Norwegian fish—while domestic large chilled mackerel rose about 17%. The government will also increase holiday loans and guarantees for small businesses and SMEs, adding 39.3 trillion won in new lending and boosting loan guarantees to about 58 trillion won.
