The Yoon administration says huge amounts of fruit, vegetables, meat and fish will be put onto the market to bring down prices ahead of next month's Chuseok or Korean Thanksgiving holiday..
On top of that, tens of millions of dollars' worth of discount coupons for grocery stores and traditional markets will be distributed.
Also, there will be help with travel arrangements, since millions of people will be traveling to see family.
Shin Se-byuck has the details.
Amid runaway inflation, South Korea is going all-out to stabilize livelihoods ahead of the Chuseok holiday.
Following an emergency economy meeting presided over by President Yoon Suk-yeol on Thursday, the Senior Presidential Secretary for Economic Affairs said the government will minimize any difficulties that the people are facing.
The country has been hit hard by the record heavy downpours this week,.. which are widely expected to have even more of a negative impact on the 24-year-high consumer prices.
"From finance to tax, we will take all possible measures to settle the instability in the nation in a swift manner before the Chuseok holidays."
To fight skyrocketing inflation the government plans to reduce the prices of 20 key Chuseok food items, such as onions and cabbages, to their levels from a year ago.
As of the end of July, radish prices jumped the most by 43 percent on-year, cabbages and potatoes followed.. at almost 34 percent.
For three weeks, from August 18th, almost 6-thousand tons of cabbages, 14-thousand tons of apples, and over 61-thousand tons of pork will be released from government reserves.
In total, a record total of 230-thousand tons of farm, livestock, and fisheries products will be supplied.
In order to boost consumption, plans are also in place to hold nationwide sales promotions.
One is to distribute an all-time high of nearly 50 million U.S. dollars worth of coupons which will offer 20 to 30 percent discount on average and can be used at supermarkets and local traditional markets.
The government is also set to hold a week-long sales event during the first seven days of September, where over 6-thousand firms and merchants will take part.
Another key measure includes support for the financially vulnerable people.
The government will provide a record 33 billion dollars worth of fresh funds to small firms and merchants to help them meet cash demand.
To ease the burden of living costs for low-income households, South Korea will hand out a second round of emergency living subsidies to some 50-thousand households that were not included the first time around.
As for the damage caused by this week's record heavy rain, the government has vowed to review the damage and provide swift recovery efforts.
Meanwhile, with mass travel expected for the upcoming Chuseok holidays, the government will roll out a special transportation package early next month.
This will include measures to expand the number of flights, buses, and trains as well as a possible exemption on highway tolls.
Shin Se-byuck, Arirang News.