Seoul: President Lee Jae Myung said Thursday the government will closely monitor the prices of major items and impose sanctions on companies that unfairly raise prices in an effort to ease cost burdens and stabilize inflation.

According to Yonhap News Agency, Lee issued the warning on the social media platform X, sharing a link to a news report about companies lowering prices for instant noodles and cooking oil. Lee emphasized that while reducing product prices is challenging, the government intends to alleviate public burden through vigilant market monitoring and inflation management. He warned companies against exploiting monopolistic positions to raise prices unfairly.

Lee directed law enforcement authorities, the corporate watchdog, and the tax service to scrutinize, investigate, and sanction unfair practices, including price collusion and monopolistic abuse. During a meeting with senior aides, he further instructed the government to identify sectors making unjust profits and to take corrective actions.

On Thursday, the government identified 23 key items, such as petroleum products, rice, and telecommunications fees, for special price monitoring in response to resource supply concerns stemming from the Middle East crisis.