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Nonghyup to spend $35.4 million to cut food, farm supply, fuel prices for Lunar New Year holiday

Published: 26 Jan. 2026, 17:40 Updated: 26 Jan. 2026, 19:38

Kang Ho-dong, head of the National Agricultural Cooperative Federation, fourth from left in the front row, poses for a photo with other participants during a special discount event to stabilize prices for the Lunar New Year at the Nonghyup Hanaro Mart Yangjae branch in Seocho District, southern Seoul, on Jan. 26. [NEWS1]

The National Agricultural Cooperative Federation, known as Nonghyup, will spend 51 billion won ($35.4 million) to cut prices on food, farm supplies and fuel around the Lunar New Year holiday, the cooperative said on Monday.

The discount campaign will run from Monday through Feb. 20 and will cover agricultural and livestock products, farming materials and fuel, Nonghyup said. The Lunar New Year holiday in Korea this year spans three days from Feb. 16 to 18.

At supermarket chain Nonghyup Hanaro Mart stores, prices on holiday staples such as apples, pears and hanwoo (Korean beef), as well as cabbage, eggs, ramyeon (instant noodles) and sesame oil, will be cut by as much as 65 percent depending on the period. Discounts of up to 50 percent will also be offered at Nonghyup Mall, the cooperative’s online shopping platform.

NH-OIL gas stations will sell heating kerosene at 30 won per liter below regular prices, while Nonghyup agricultural supply outlets will offer farming materials at discounts of up to 30 percent.

Nonghyup said it secured the funding from 36.2 billion won in its own budget, 13.5 billion won in government support and 1.3 billion won from producer-funded programs.

Kang Ho-dong, head of Nonghyup, said the campaign aligns with government efforts to stabilize prices.

“In step with government policies aimed at stabilizing prices, Nonghyup has prepared a special discount campaign to supply Lunar New Year staples at affordable prices and help ease the burden on households,” Kang said. “We will continue working to regain public trust and become a cooperative that earns broad public support.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM KYUNG-HEE [[email protected]]