South Korea's Inflation Battle: President Lee Urges Price Stabilization Amid 2.4% Rise

Lee made the remark during a meeting with his senior secretaries and aides, as last month's consumer prices rose 2.4 per cent from a year earlier, missing the Bank of Korea's 2 per cent target for the third consecutive month.

"As perceived inflation has risen recently, it is placing a considerable burden on people's livelihoods," he said during the meeting at the presidential office, Yonhap News Agency reported.

"I ask relevant ministries to thoroughly inspect the supply-demand situation of key consumer items and preemptively mobilise policy measures to stabilise prices."

Lee again urged his aides to check for cases where prices are raised through unfair fixing or unfair profits are made by abusing monopolistic power.

Despite difficult conditions at home and abroad, Lee said the country's exports have given hope to the people, with the annual total expected to hit a record high of USD 700 billion this year.

"This is thanks to our businesspeople and workers who have gathered their strengths to develop products and open new markets without bowing to the wave of protectionism, as well as the efforts of public officials who supported that," he said.

Lee stressed the need to nurture cutting-edge industries at a time of continued trade uncertainties, using practical trade policies centred on the national interest.

He also called for efforts to diversify export routes and widen the "economic territory" through cooperation with emerging and developing countries grouped under the "Global South."

On Wednesday, Lee Jae Myung expressed appreciation for the main opposition party's cooperation in passing next year's budget bill before the legal deadline, calling the bipartisan deal an unexpected move.

On Tuesday, the National Assembly approved the 727.9 trillion-won (USD 498 billion) budget after the ruling Democratic Party and the main opposition People Power Party (PPP) reached a last-minute agreement to maintain the government's proposed total spending.

"I would like to extend my gratitude to the main opposition PPP for its cooperation," Lee said at the presidential office after delivering a special national address to mark the one-year anniversary of the December 3 martial law imposition.

"I was really surprised to hear that the parties agreed on the budget bill. I did not expect it at all," he added.

During a press conference with foreign media following his address, Lee said he strives to engage in dialogue and compromise with the opposition but noted that it could be "frustrating" at times.

He added that Tuesday's budget agreement between the two rival parties shows there is still room for improvement in bipartisan cooperation, stressing that national unity remains one of his top priorities.

- IANS