President Lee Jae Myung on Tuesday instructed officials to take prompt action to stabilize consumer prices amid ongoing pressures from the Middle East conflict.
President Lee Jae Myung issued the order at a Cabinet meeting, pointing out that the prolonged conflict in the Middle East is weighing heavily on consumer prices. He urged related ministries to promptly implement measures such as the preemptive release of government stockpiles and discount programs. The country's consumer prices increased 3.1 percent from a year earlier in May, marking the sharpest on-year growth in 26 months, according to the Ministry of Data and Statistics. Lee warned against market cornering, price-fixing and other forms of market manipulation, instructing officials to pursue rigorous investigations and stern punishment. The president also instructed officials to conduct a prompt investigation into a deadly explosion at a Hanwha Aerospace plant in Daejeon the previous day, which left five people dead and two others injured. He called for the establishment of an organization to handle individual debt restructuring.
