Ending Middle East conflict nears, but price stability is top priority: President Lee

South Korean President Lee Jae-myung declared that stabilizing prices is the nation's most urgent task, ranking it above all other concerns. He made these remarks following the signing of a memorandum of understanding aimed at ending the conflict in the Middle East.

President Lee highlighted the interconnected challenges of high oil prices, inflation, and currency volatility resulting from the Middle East conflict. He stressed that while the MOU marks a step toward ending the war, ensuring the smooth reopening of the Strait of Hormuz and the full normalization of energy supply chains will take considerable time.

"This is not the end, but the beginning," the president stated, urging a full-scale effort to restore the public and industrial economies. He specifically directed his administration to prioritize measures for price stability, including the potential implementation of a maximum oil price system and proactive countermeasures to curb rising costs. The focus remains on mitigating the economic fallout from the regional conflict and safeguarding household finances.