South Korean President Demands Preemptive Action to Curb Rising Prices

Lee made the remarks during a meeting with senior aides after visiting a traditional market in the central city of Chungju ahead of the Lunar New Year holiday, which begins this weekend, Yonhap News Agency reported.

"Many people remain concerned about prices and weak sales," Lee said during the meeting at Cheong Wa Dae.

He instructed a newly launched interagency task force to prepare short-term measures to stabilise prices and closely monitor unfair practices, such as price rigging and monopolistic practices involving certain items.

"Preemptive steps are needed to address structural issues at each stage of the distribution process," he said.

Lee also pointed to cases in which some companies allegedly resold import goods subject to reduced tariffs at higher-than-market prices, stressing that firm action should be taken if such practices are discovered.

In addition, he instructed a review of school uniform prices following reports that the average cost has approached 600,000 won (USD 417), noting that the current level appears much higher than when he served as mayor of Seongnam, south of Seoul, from 2014 to 2018.

"With the back-to-school season approaching, the current school uniform prices need to be reviewed to determine whether they are appropriate," he said.

On February 5, South Korean President Lee Jae Myung instructed his aids to mobilise all available measures to stabilise prices and prevent cases in which companies raise prices by abusing monopolistic power.

Lee made the remarks during a meeting with his senior secretaries and aides, as the prosecution recently indicted company executives accused of price fixing involving daily necessities, such as flour, sugar and electricity.

"I urge you to mobilise all state power to correct the practices that force high prices on the public at all costs," Lee said. "Even if the economic indicators improve, people will struggle to feel an improvement in their lives if the prices of daily necessities remain unstable."

Lee also suggested creating a task force to oversee prices intensively over a certain period, pointing to structural problems in the distribution costs of agricultural goods, including fruits and vegetables.

Prosecutors launched the price-fixing investigation after Lee ordered the government to take a more active response to rising prices of everyday goods during a Cabinet meeting in September last year.

- IANS