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Gov't initiates price stabilization plan ahead of Seollal holiday

Published: 01 Feb. 2026, 20:00

People shop at a traditional market in Seoul on Jan. 28. [YONHAP]

The government has launched a nationwide push to curb price hikes ahead of the Seollal — the Lunar New Year holiday — later this month, designating a special price stabilization period and stepping up monitoring and enforcement to rein in overcharging and unfair trade practices.

The Ministry of the Interior and Safety designated the period from Monday through Feb. 18 as a “special Seollal price stabilization period” (translated) and will intensify price management nationwide, according to the ministry on Sunday. The period covers the lead-up to and duration of the Seollal holiday, which runs from Feb. 16 to 18.

To support the effort, the ministry set up a comprehensive price monitoring center and appointed senior officials in all 17 metropolitan and regional governments as price supervisors. The officials will focus on on-site inspections and close monitoring of local prices.

“Under the principle that each region takes responsibility for local prices, governments will closely monitor prices for Seollal holiday goods and broader local price trends,” a ministry official said.

The ministry will also operate reporting channels to crack down on unfair pricing practices aimed at holiday shoppers. Consumers who suspect overcharging can file reports by calling “regional code plus 120” or 1330, the tourism complaint hotline.

The government plans to conduct on-site inspections within 24 hours of receiving complaints. Authorities will issue immediate corrective orders or impose fines for violations such as failing to display prices properly. Joint inspection teams will also patrol markets and commercial areas to proactively monitor and curb overcharging and other unfair practices.

People shop at a traditional market in Seoul on Jan. 26. [YONHAP]

To improve access to traditional markets during the holiday period, authorities will allow parking for up to two hours on roads near 426 traditional markets nationwide from Monday to Feb. 18.

The measure will not apply to areas near fire facilities, school zones or roads with high accident rates. Information on permitted parking zones is available on local government websites.

“Excessive pricing on Seollal holiday goods places an added strain on household budgets and poses a serious problem,” Interior and Safety Minister Yun Ho-jung said. “The central and local governments, businesses and citizens will work together to root this out.

“We will continue to put forward practical measures that people can feel to stabilize prices that directly affect everyday living.”

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 MIN-WOOK [[email protected]]