[2024 National Audit] Lee Chang-yong "High Inflation Level Causes Public Suffering"

Lee Chang-yong, Governor of the Bank of Korea, is attending the National Assembly's audit of the Bank of Korea held by the Planning and Finance Committee at the Bank of Korea in Jung-gu, Seoul on the 14th, responding to questions from lawmakers. Photo by Kang Jin-hyung aymsdream@

Lee Chang-yong, Governor of the Bank of Korea, recently stated that although the inflation rate is falling, the overall price level remains high, causing hardship for the public.

At the Bank of Korea's audit by the National Assembly's Planning and Finance Committee on the 14th, Governor Lee said, "The pain felt by the public right now is not due to inflation or the inflation rate, but because the price level itself is high," adding, "To address this issue, structural solutions are needed for prices of food, housing, and other essentials."

He continued, "The Bank of Korea's report suggested diversifying import items, focusing on agricultural products that are currently not imported, and lowering housing costs through educational systems for the same reason," emphasizing, "Lowering the price level will also enhance the Bank of Korea's credibility. This cannot be resolved by the current inflation rate alone, and structural adjustment measures are necessary."