Seoul: President Lee Jae Myung on Tuesday directed officials to swiftly implement measures aimed at stabilizing consumer prices, while also emphasizing strict penalties for those involved in market cornering.
According to Yonhap News Agency, the president's directive was issued during a Cabinet meeting, where he highlighted the impact of the ongoing Middle East conflict on consumer prices and the public. He urged relevant ministries to "promptly implement necessary measures," such as the release of government stockpiles and discount programs, to counter the significant upward pressure on prices, despite existing measures like oil price caps.
President Lee stressed the heightened impact of price increases on economically vulnerable groups, which could lead to greater polarization and weaken economic vitality. He stated that price stability is essential for economic growth and sustainable national development.
The Ministry of Data and Statistics reported that consumer prices rose by 3.1 percent in May compared to the previous year, marking the sharpest increase in 26 months. Global energy price volatility, exacerbated by the ongoing Middle East conflict, was identified as a key factor in this rise.
President Lee specifically warned against market cornering, price-fixing, and other manipulative practices, instructing officials to conduct thorough investigations and enforce strict punishments to deter such activities. He emphasized the importance of price management as a core prerequisite for stabilizing livelihoods.
As he approaches the first anniversary of his inauguration, Lee reaffirmed his commitment to improving people's lives and reducing economic polarization through balanced regional development. He called for doubling the pace of state affairs to achieve significant changes for South Korea, also known as the Republic of Korea.
In response to a deadly explosion at a Hanwha Aerospace plant in Daejeon, which resulted in five fatalities and two injuries, President Lee ordered a prompt investigation into the incident. He extended condolences to the victims and urged authorities to determine the cause and prevent future occurrences, while mandating safety inspections of similar facilities.
Additionally, President Lee advocated for institutional reforms to assist individuals in restructuring debt, highlighting cases of family suicides due to overwhelming debt pressures. He proposed the establishment of an organization dedicated to managing individual debt, emphasizing its systematic management akin to long-overdue debts held by financial institutions.