Finance minister Choo Kyung-ho says the government will promptly launch a special system that prioritizes price stabilization for all government agencies.

Choo made the remark on Thursday during an emergency meeting of economy-related ministers as he said consumer prices are expected to see a slower decline than expected due to geopolitical risks in the Middle East and low temperatures.

At the meeting, the government decided to inject a record 24-and-a-half billion won, or around 18 million U.S. dollars, to expand the scope of discounts for 14 goods used in kimjang, or kimchi-making, including Napa cabbage and radishes.

To stabilize prices of food products and dining out, the government will lower import duties on eight fruits and ingredients, including bananas, mangoes, butter, cheese and dried milk.

The government also decided to extend the value added tax exemption for processed foods, including coffee and kimchi, through 2025 while maintaining last year's expanded energy vouchers and discounts on gas bills for vulnerable groups to ease the burden imposed by rising heating costs.

On the U.S. Federal Reserve freezing its key interest rate, Choo said the decision was expected while assessing that the global financial market was relatively stable early hours Thursday.