Seoul, Feb 12 (NationPress) South Korean President Lee Jae Myung emphasized the need for proactive measures to ensure the stability of food and essential goods prices. He highlighted the importance of monitoring unfair trading practices and tackling underlying issues in the distribution system.

During a meeting with senior aides after his visit to a traditional market in Chungju, ahead of the upcoming Lunar New Year celebrations, Lee expressed concern over public anxiety surrounding prices and sluggish sales.

He directed a newly established interagency task force to devise immediate actions to stabilize prices and vigilantly oversee unfair practices, including price manipulation and monopolistic behaviors involving specific items.

“Proactive measures are essential to confront structural challenges at every level of the distribution chain,” he stated.

Lee also noted incidents where some firms reportedly resold imported goods, which benefitted from tariff reductions, at prices exceeding market rates, insisting that stringent actions must be pursued if such activities are confirmed.

Furthermore, he called for an evaluation of school uniform prices after reports indicated that the average expense had surged to 600,000 won (approximately USD 417), indicating that this figure is significantly higher than what it was during his tenure as mayor of Seongnam from 2014 to 2018.

“As the back-to-school season approaches, it’s crucial to assess whether the current school uniform prices are fair,” he remarked.

On February 5, President Lee instructed his aides to utilize all available tools to stabilize prices and prevent companies from exploiting monopolistic power to inflate costs.

These comments were made during a discussion with senior secretaries, coinciding with the recent indictment of corporate executives accused of price-fixing involving essential items like flour, sugar, and electricity.

“I urge you to mobilize all state resources to rectify practices that impose excessive prices on the public,” Lee stated. “Even if economic indicators show improvement, citizens will find it hard to perceive any benefit in their lives if the costs of everyday items remain unstable.”

Lee proposed forming a task force to intensively monitor prices for a designated period, pointing out systemic issues related to the distribution expenses of agricultural products, including fruits and vegetables.

The investigation into price-fixing commenced after Lee directed the government to adopt a more proactive stance against rising costs of daily goods during a Cabinet meeting last September.