South Koreans are expected to see a sharp rise in the expenses to prepare the traditional dishes for the memorial services during this year's Lunar New Year holiday, or "Seollal" in Korean.

According to the Korea Price Information on Sunday, an average 302-thousand-500 won will be needed to set up the holiday memorial table for a four-member household from traditional markets, as of Friday.

The prices are more expensive at large retailers, with the average cost estimated at 409-thousand-500 won.

The estimated expenses at both traditional markets and retailers hit record highs, posting an on-year increase of six-point-seven percent and seven-point-two percent, respectively.

The rises are attributed to the increase in fruit and vegetable prices due to weather conditions.

The expenses, however, did not reflect the government's recent measures to stabilize prices ahead of the holiday.