President Lee Jae Myung attends a meeting with senior presidential aides at Cheong Wa Dae, Friday. (Yonhap)
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.
"The high oil prices, inflation and heightened foreign exchange rate volatility triggered by the war have done significant damage to our economy," Lee said.
"The most urgent task right now is prices. Both the presidential office and the government must mobilize all available means to stabilize prices and restore the people's livelihoods," he added.
Though the pace of price growth has been managed through the oil price cap system and other preemptive responses, there are still many areas that require attention, Lee said, calling 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.
Noting a recent increase in heat-related illnesses amid a heat wave, Lee instructed 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, while urging authorities to take preemptive steps against price gouging that often emerges during the peak summer holiday season. (Yonhap)
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The Korea HeraldIndependentCenter2 days agoSouth Korean President Lee Jae Myung emphasized that controlling inflation is the government's top policy priority, urging officials to implement 'extraordinary' measures to stabilize prices and alleviate financial pressure on households. He cited ongoing global energy supply chain disruptions and geopolitical tensions, including the situation in the Strait of Hormuz, as factors contributing to rising inflation. Lee acknowledged that while some measures like the oil price cap system have helped manage price increases, further action is needed to address issues related to petroleum products, as
Bias read (Center): The article presents the president's statements without overtly biased language or selective sourcing. It reports directly on his priorities and concerns regarding inflation, using neutral terms and quoting him verbatim. There is no evident ideological framing or emphasis on one side over another.
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- government President Lee Jae Myung's statement during meeting with senior presidential aides
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