The ruling People Power Party(PPP) and the government discussed ways to stabilize prices ahead of the Lunar New Year holiday, which will run for four days from January 21.

In a meeting on Tuesday, the PPP's chief policymaker, Sung Il-jong, said the two sides agreed on providing a record supply of items that are most sought out during the holidays, adding that the party and the government will seek to reduce the public’s grocery bills by providing coupons.

Lee Jae-hoon, who heads an association of superstores, said retailers will offer discounts of up to 50 percent on high-demand items.

The senior lawmaker added that they will also mull ways to provide discounts on electricity and gas bills, such as expanding energy vouchers, to help the energy-vulnerable to cover heating expenses.

Other plans include exempting highway tolls and fees for public parking lots during the four-day holiday.

The government will announce finalized plans on Wednesday.