President Lee Jae Myung speaks during a meeting with his top aides at Cheong Wa Dae in Seoul, Thursday. Yonhap
President Lee Jae Myung on Thursday urged stepped-up efforts to stabilize consumer prices, calling it a top priority for his government amid uncertainties stemming from the prolonged war in the Middle East.
His remarks came one day after the government reported a 2.6 percent increase in consumer prices from a year earlier in April, the fastest on-year increase in 21 months since July 2024.
"As instability in international oil prices persists, upward pressure on consumer prices is growing. Uncertainty surrounding negotiations to end the war has driven up petroleum products by 20 percent, accelerating consumer price growth in April," the president said in a meeting with senior presidential aides at Cheong Wa Dae.
"For now, the top priority should be stabilizing prices, while all available resources should be mobilized to manage supply channels for crude oil and key materials," Lee added.
He warned that continued price increases would further strain people's livelihoods and hamper the economic recovery trend.
"The future of our economy will depend on how we overcome this crisis, although it is impossible to know how long the war will continue," Lee said.
Source: Korea Times News
