First vice finance minister Kim Byoung-hwan pledged to continue state efforts to stabilize prices in the new year through tariff reductions for food and agriculture, livestock and fisheries products.

Presiding over an emergency economy vice ministers' meeting on Friday, Kim made the pledge, citing concerns over expanded inflationary uncertainty from maritime transit disruptions in the Suez Canal and the recent cold wave.

Tariff reductions are set to total 320 billion won, or around 246 million U.S. dollars, while state discount offers would amount to 242 billion won.

The vice minister also said an amendment would be handled within the first quarter of next year that requires foodstuff manufacturers to label volume changes in a bid to combat “shrinkflation” as prices remain the same for smaller products.

He also vowed to monitor prices of fruits, squid, cram school enrollment and leisures services and seek necessary measures to prevent price hikes.