Seoul: President Lee Jae Myung said Friday inflation is the government's most urgent policy challenge and urged officials to devise extraordinary measures to stabilize prices and ease the burden on households. Lee made the call during a meeting with senior presidential aides, noting it will take a long time before global energy supply chains return to normal and the Strait of Hormuz is fully reopened despite a ceasefire deal between the United States and Iran aimed at ending the monthslong war in the Middle East.

According to Yonhap News Agency, Lee highlighted the significant impact of high oil prices, inflation, and heightened foreign exchange rate volatility triggered by the war, stating that these factors have caused considerable damage to the economy. Lee emphasized the urgent need for both the presidential office and the government to utilize all available resources to stabilize prices and restore people's livelihoods.

Lee noted that while the oil price cap system and other preemptive responses have managed the pace of price growth, many areas still require attention. He called for extraordinary measures to normalize petroleum product prices and ensure the stable supply and prices of key items, such as farm products and meat. Consumer prices rose 3.1 percent in May from a year earlier, marking the fastest growth in 26 months, amid the Middle East conflict.

In addition to addressing inflation, Lee expressed concern over a recent increase in heat-related illnesses due to a heat wave, instructing officials to review the government's relevant manual and ensure the effective operation of cooling shelters. With beaches nationwide set to open next week, Lee also called for a thorough review of safety measures at high-risk swimming and recreational areas, urging authorities to take preemptive steps against price gouging that often emerges during the peak summer holiday season.