Seoul: President Lee Jae Myung instructed his aides Thursday to mobilize all available measures to stabilize prices and prevent cases in which companies raise prices by abusing monopolistic power. Lee made the remark during a meeting with his senior secretaries and aides, as the prosecution recently indicted company executives accused of price fixing involving daily necessities, such as flour, sugar and electricity.

According to Yonhap News Agency, Lee emphasized the need to utilize all state resources to rectify practices that impose high prices on the public. He expressed concerns that even with improved economic indicators, the public would struggle to perceive any enhancement in their living standards if the prices of essential goods remain volatile.

Lee further proposed the establishment of a task force dedicated to monitoring prices intensively over a specified period. He highlighted the structural issues contributing to the distribution costs of agricultural products, including fruits and vegetables, as areas needing urgent attention.

The call for stringent measures follows a price-fixing investigation initiated by prosecutors. This investigation commenced after President Lee directed the government last September to adopt a proactive approach in response to the escalating prices of everyday goods.