Korea designates Oct. 2 as temporary holiday to boost consumption

The Korea Times

The Korea Times

Finance

Wed, November 29, 2023 | 17:09

Economy

Korea designates Oct. 2 as temporary holiday to boost consumption

Posted : 2023-08-31 10:44

Updated : 2023-08-31 17:18

A shopper looks at gifts for the Chuseok holiday at a supermarket in Seoul, Aug. 29. Yonhap

Korea's finance ministry said Thursday the country has decided to designate Oct. 2 as a temporary holiday in the latest move to boost domestic consumption.

The decision creates a six-day extended break, starting with the day before the Chuseok holiday, the autumn harvest celebration, which falls on Sept. 29, and ending with National Foundation Day on Oct. 3, according to the Ministry of Economy and Finance.

The government also vowed to closely monitor market prices of major agricultural and livestock products ahead of the holiday.

"Consumer prices have been slowing in general, after reaching a peak growth of 6.3 percent in July 2022," the finance ministry said in a statement.

"But due to the rebound in global oil prices and due to seasonal factors that will lead to uncertainties in agricultural prices, the inflation is expected to hover above 3 percent in August and September," the ministry added.

In line with such efforts, the government said it plans to lower the price of 20 major foods by 5 percent compared with a year earlier.

Such products include napa cabbage, apples, pears, onions and beef, as well as some seafood products.

"By injecting an all-time high amount of 668 billion won ($506 million) for discount promotions of agricultural goods, we plan to have consumers experience a discount of at least 30 percent," the ministry added.

The government will also lift highway tolls during the holiday to promote tourism and offer 600,000 accommodation vouchers in the second half. (Yonhap)