The cost of key items typically in high demand during the Lunar New Year has fallen following price-stabilizing measures announced earlier this month.

This is according to Finance Minister Hong Nam-ki who visited a market in Bucheon, Gyeonggi Province on Wednesday to inspect the supply volume and price levels of such products.

Hong said since stabilization measures were announced on January 6, prices of 15 out of 17 holiday items fell. The two exceptions are apple and chicken, but compared to last year, their prices were still lower by 15 and nine-point-seven percent, respectively. 

Hong said the government will continue to manage demand and supply to ensure stable prices leading right up to the Lunar New Year holiday.