Seoul: President Lee Jae Myung on Thursday called for tougher penalties against deeply rooted practices of colluding prices in commodities, including sugar, flour, school uniforms, and homes. Lee made the remarks at a meeting with senior aides as the government has stepped up measures to curb housing prices.

According to Yonhap News Agency, during the meeting, Lee stated that practices of price fixing in such fields were rampant and have undermined the market's trust and development. "Such practices of price fixing that exploit market dominance are a cancerous force that hinders fair competition and undermines trust in the market and hampers national economic development," Lee said.

Lee further emphasized that "permanent expulsion" from the market should be actively considered for those who repeatedly engage in such practices.