Finance Minister Choi Sang-mok announced Wednesday that the government will freeze utility prices in the first half of the year.

During his opening remarks at a meeting of economic ministers earlier in the day, Choi promised the government will manage public utility rates in as stable a manner as possible.

Choi also added that the finance ministry will actively communicate with the Ministry of the Interior and Safety to stabilize public utility rates for local governments.

The announcement comes amid talk of fare hikes for the Korea Railroad Corporation’s high-speed KTX trains.

The country is also grappling with a prolonged economic slowdown.