Seoul: President Lee Jae Myung on Tuesday instructed officials to take prompt action to stabilize consumer prices while calling for stern punishments for those accused of market cornering.

According to Yonhap News Agency, the president issued the order at a Cabinet meeting, pointing out that the prolonged conflict in the Middle East is weighing heavily on consumer prices and the public. Lee urged related ministries to "promptly implement necessary measures" to stabilize prices, including the preemptive release of government stockpiles and discount programs, adding that "significant" upward pressure on prices persists despite the government's cap on oil prices and other measures.

"If price increases continue, their impact on (economically) vulnerable groups will be inevitably greater ... eventually leading to (greater) polarization and weakening economic vitality," Lee noted. "Without price stability, there can be no economic growth, improvement in polarization or sustainable national development," the president added.

The president, in particular, warned against market cornering, price-fixing, and other forms of market manipulation, instructing officials to pursue rigorous investigations and stern punishment so as to make offenders realize that such practices may very well jeopardize their entire business. "I urge each ministry to make its utmost effort with the determination that managing prices is the core prerequisite for stabilizing people's livelihoods," the president told the meeting.