The government will deploy record funding to help stabilize prices ahead of the Lunar New Year holiday.

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced the measures on Wednesday at a meeting of economy-related ministers.

The government plans to allocate a record 91 billion won, or roughly 63.5 million U.S. dollars, to support discounts of up to 50 percent on high-demand items, such as kimchi cabbage, radishes and mackerel, during the holiday season.

The government also plans to supply a record 270-thousand tons of 16 seasonal items, a 50 percent increase from its usual provisions, and expand the range of products eligible for cashback events linked to state-issued gift certificates.

In addition, expressway tolls will be waived nationwide from February 15 to 18 to boost regional consumption.