What measures is South Korean President Lee proposing to stabilise prices?
Click to start listening
Synopsis
In response to rising inflation, South Korean President Lee Jae Myung calls for strategic measures to stabilise prices and alleviate financial burdens on citizens. This urgent initiative comes as consumer prices exceeded targets for the third consecutive month, prompting a proactive approach to economic stability.
Key Takeaways
- President Lee Jae Myung calls for urgent measures to stabilise prices.
- Inflation rate surpasses 2.4 percent, exceeding targets.
- Focus on investigating unfair pricing practices.
- Exports expected to hit a record of USD 700 billion.
- Bipartisan cooperation is crucial for effective economic policies.
Seoul, Dec 4 (NationPress) South Korean President Lee Jae Myung directed his advisors on Thursday to develop initiatives aimed at stabilising prices and alleviating the financial strain on citizens.
During a gathering with his senior aides, Lee highlighted that consumer prices had surged by 2.4 percent year-on-year last month, surpassing the Bank of Korea's 2 percent target for the third month in a row.
"The recent rise in perceived inflation is significantly impacting the livelihoods of our people," he stated during the meeting at the presidential office, as reported by Yonhap News Agency.
"I urge the relevant ministries to conduct a thorough review of the supply-demand dynamics of essential consumer goods and proactively implement policy measures to stabilise prices."
Lee also pressed his aides to investigate instances of price manipulation or unjust profits stemming from monopolistic practices.
Despite challenging local and global circumstances, Lee noted that the nation's exports have provided optimism, with the expected annual total reaching a historic USD 700 billion this year.
"This achievement is due to our business leaders and workers uniting their strengths to innovate products and explore new markets, all while resisting the pressures of protectionism, along with the support from public officials," he affirmed.
Lee emphasized the importance of fostering advanced industries amidst ongoing trade uncertainties, advocating for practical trade policies focused on the national interest.
He further called for initiatives to diversify export channels and expand the nation's economic territory through collaboration with emerging and developing nations categorized under the Global South.
On Wednesday, Lee Jae Myung expressed gratitude towards the main opposition party for their collaboration in passing the budget bill for the upcoming year ahead of the legal deadline, labeling the bipartisan agreement as an unforeseen development.
On Tuesday, the National Assembly sanctioned a budget of 727.9 trillion won (approximately USD 498 billion) after the ruling Democratic Party and the main opposition People Power Party (PPP) reached a last-minute consensus to uphold the government's proposed total expenditure.
"I would like to extend my sincere thanks to the main opposition PPP for their collaboration," Lee remarked at the presidential office following a special national address commemorating the one-year anniversary of the December 3 martial law implementation.
"I was genuinely surprised to learn that the parties reached an agreement on the budget bill. I did not anticipate this at all," he added.
During a press briefing with international media after his address, Lee expressed his commitment to fostering dialogue and compromise with the opposition, despite noting that the process can be "frustrating" at times.
He concluded by stating that Tuesday's budget agreement between the rival parties illustrates that there remains potential for growth in bipartisan cooperation, underscoring that national unity is among his highest priorities.
Point of View
It's vital to recognize the significance of President Lee's call for price stabilisation. While the challenges of inflation weigh heavily on the populace, Lee’s proactive measures reflect a commitment to fostering economic resilience and national unity, which are critical in these uncertain times.
NationPress
04/12/2025
Frequently Asked Questions
Why is President Lee focusing on price stabilisation?
President Lee is addressing rising inflation, which has negatively impacted citizens' financial well-being, by implementing measures to stabilise prices.
What is the current inflation rate in South Korea?
The consumer price index increased by 2.4 percent year-on-year last month, exceeding the Bank of Korea's target for the third consecutive month.
How does President Lee plan to combat unfair pricing practices?
Lee has instructed his aides to investigate instances of price manipulation and unjust profits resulting from monopolistic practices.
What are the expected export figures for South Korea this year?
South Korea's exports are anticipated to reach a record high of USD 700 billion this year, providing hope amidst challenging conditions.
How does bipartisan cooperation play a role in economic policy?
President Lee emphasizes bipartisan cooperation as essential for passing critical legislation, such as the recently approved budget, to stabilize the economy.
