Seoul: Prime Minister Han Seong-sook stated on Thursday that the government should prioritize controlling inflation, following data indicating a sharp rise in consumer prices, the fastest in 30 months, attributed to the ongoing effects of the Middle East conflict. Despite the lessening tensions in the region, Han stressed the importance of vigilance against economic challenges such as high oil prices and a weakened Korean won during an emergency economic response meeting on her second day in office.
According to Yonhap News Agency, Han emphasized the need to focus on price management, advocating for real-time monitoring of prices affecting people's livelihoods and the swift implementation of supply measures. She also highlighted the importance of preparing for economic collaboration with the Middle East, including reviving machinery and auto exports and contributing to post-war recovery efforts.
Earlier, the Ministry of Data and Statistics reported that South Korea's consumer prices increased by 3.2 percent last month compared to the previous year, marking the most significant rise since December 2023. Industrial product prices surged by 4.4 percent, mainly due to soaring fuel prices. The ministry noted that fuel prices jumped 24.7 percent, adding 0.93 percentage points to the overall consumer price increase, the highest growth since July 2022.
Later on Thursday, during her official inauguration ceremony in Sejong, Han reiterated her commitment to improving the lives of South Korean citizens. She identified three primary goals as prime minister: advancing the country's artificial intelligence transformation, fostering inclusive growth, and promoting balanced regional development.
Han, with her extensive background in information technology as the former CEO of Naver, aims to expand the use of AI systems across all government agencies by the year's end, building on their current trial implementation in four ministries. She intends to foster global growth engines and rationalize regulations to remove barriers to innovation, reflecting her belief that South Korea is at a pivotal juncture for its future development.