Gangwon-do Prepares 'Price Stabilization' Measures for Seollal Holiday

Principle of Freezing Local Public Utility Fees... Minimize Increases if Unavoidable
Increase Designation of Good Price Businesses to Stabilize Personal Service Charges

[Asia Economy Reporter Ra Young-cheol] Gangwon Province is preparing measures to stabilize prices ahead of the Seollal holiday.

The province stated on the 13th, "Although the recent price increase trend has somewhat slowed, there are concerns about a sharp rise in prices of seasonal goods due to increased demand ahead of the Seollal holiday."

On the same day, the province held a countermeasure meeting to share the 2023 price stabilization plans scheduled by various institutions within the province and plans to request cooperation from cities, counties, related organizations, and groups.

Also, in preparation for the Seollal holiday, which is just a week away, a "Special Price Stabilization Period (1.4.~1.20)" will be set, during which price trends of 16 key seasonal goods will be monitored and unfair trade practices will be inspected in cooperation with consumer groups.

Kwang-Yeol Jeong, Deputy Governor for Economic Affairs of Gangwon Province
Photo by Gangwon Province

Among the 16 seasonal goods, ▲ agricultural products include napa cabbage, radish, apple, pear ▲ livestock products include beef, pork, chicken, eggs ▲ forest products include chestnuts, jujubes ▲ seafood includes pollock, squid, hairtail, croaker, mackerel, dried anchovies.

The province will provide market and supermarket price trends and price information by region through the Gangwon Price Information Network and city/county websites, and will strengthen management of personal service fees such as dining out and beauty services, as well as crack down on distribution of illegal food products and violations of origin labeling.

Measures to stabilize prices will also be promoted through management of local public utility fees and expansion of support for Good Price Stores.

Local public utility fees, which raise the perceived cost of living and influence various personal service fee increases, will be frozen within the year as a principle, and the scope and timing of any increases will be adjusted as much as possible to minimize the burden on residents.

Taxi and city bus fares determined by the province will be frozen without additional increases within the year, and adjustments to the timing of increases for city gas retail prices, which must be adjusted once a year according to related laws, will also be reviewed.

Water and sewage fees and volume-based waste bag fees determined by cities and counties will be frozen as much as possible, but if there are reasons for increases, adjustments will be guided to take place after the second half of the year.

In cooperation with consumer groups or professional organizations, efforts will be made to spread the atmosphere of price stabilization by designating Good Price Stores and expanding financial incentives for each store.

Currently, 394 Good Price Stores in the province will be expanded and designated to 600 stores, and financial incentive support per store will also be increased up to 2.5 million KRW.

The financial incentives include up to 2 million KRW for small-scale environmental improvements and purchasing goods for Good Price Stores, and up to 500,000 KRW annually for public utility fees such as electricity, gas, and water/sewage.

The province plans to seek cooperation from the Korea Foodservice Industry Association, Gangwon Province Merchants Association, and others to ensure that sector-specific price stabilization measures are well applied on the ground and to spread a price stabilization atmosphere involving both public and private sectors.

Jung Kwang-yeol, Deputy Governor for Economy of Gangwon Province, said, "Gangwon Province has a structure where prices are relatively high due to low population density and vulnerable logistics and distribution conditions, so efforts by local governments to stabilize prices through management of public utility fees are even more required," and requested cooperation from related institutions and organizations involved with prices in the province.

This content was produced with the assistance of AI translation services.