President Lee: Price Stability Top Priority, Mobilize All Tools for Supply Chain Management

President Lee Jae-myung has firmly declared price stabilization as the paramount economic objective for South Korea, signaling a proactive stance against mounting inflationary pressures. In a meeting with senior aides, the President underscored the necessity of employing a full spectrum of policy tools to secure supply chains for critical resources like crude oil and essential raw materials. This directive comes as consumer prices saw a notable increase in April, exacerbated by a significant rise in oil costs attributed to ongoing geopolitical uncertainties, including the protracted conflict in Ukraine. While acknowledging that South Korea's inflation rate has been managed more effectively than in many other advanced economies, President Lee cautioned against complacency. He stressed that persistent inflation poses a substantial threat to household livelihoods, dampens consumer sentiment, and could impede the fragile economic recovery. The President's remarks also touched upon the upcoming passage of the Life Safety Basic Act, urging meticulous preparation for its implementation to ensure a safer nation for all citizens, reflecting a broader commitment to national well-being beyond just economic metrics.

“

Price stabilization will be the top priority, and all means will be mobilized to manage supply chains for crude oil and key raw materials and ensure the stable supply of major items.