The largest-ever annual shopping event in South Korea will take place next week amid the government's effort to curb high prices and boost private spending, the industry ministry said Wednesday.

The Korea Sale Festa, the Korean equivalent of Black Friday, will be held from Nov. 1-15 both online and in stores nationwide, with around 2,300 companies participating, according to the Ministry of Trade, Industry and Energy.

The figure is the largest ever since the festival was launched in 2016, it said.

Major discount chains and department stores will offer bargains on fashion, food and other items, and provide various opportunities for small manufacturers and regional specialty producers to promote their products.

The government will also provide beef and fisheries products at lower prices to help stabilize the prices, according to the ministry.

The central and 17 local governments are also preparing various vouchers and promotion events to encourage shoppers to open their wallets, it added.

"This year's event will focus on stabilizing consumer prices and supporting the recovery of consumer sentiment, as the country is facing high prices and other difficult situations," the ministry said in a release.

South Korea's consumer prices, a key gauge of inflation, rose 5.6 percent on-year in September. The Bank of Korea forecast inflation could stay in the 5-6 percent range for a considerable period of time. (Yonhap)