Lee Hyungil Says "Inflation Control Is the Top Priority for Livelihoods... Measures to Be Announced Soon"

"Mobilizing All Government Ministries
for Price Stabilization"

Lee Hyungil, Acting Minister of Strategy and Finance (First Vice Minister), made his first official move after taking office by addressing inflation response measures. He stated that, given the growing concerns over perceived inflation, the government plans to announce countermeasures as soon as possible.

Lee Hyungil, Acting Minister of Strategy and Finance (First Vice Minister), is speaking while presiding over the 47th Vice Ministerial Meeting on Prices at the Government Complex Sejong on the 12th. Ministry of Strategy and Finance

On the 12th, Lee presided over the 47th Vice Ministerial Meeting on Prices at the Government Complex Sejong, where he reviewed the recent inflation situation. The meeting was attended by relevant ministries, including the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, the Ministry of the Interior and Safety, and the Fair Trade Commission.

At the meeting, Lee emphasized, "Inflation control is the top priority for people's livelihoods." He continued, "We will mobilize the full capabilities of all government ministries to stabilize perceived inflation," adding, "For this reason, the first issue I am reviewing after taking office is the inflation situation."

Lee noted, "Recently, the consumer price inflation rate appears to be stable at around 2% according to the indicators." However, he also pointed out, "Due to inflation that has accumulated over the past several years, the overall price level remains high, and the continued high rate of increase in food prices is placing a significant burden on ordinary people and the middle class."

During the meeting, the relevant ministries closely examined the price trends, supply and demand conditions, and causes of price increases for individual items such as agricultural, livestock, and fisheries products, processed foods, dining out, petroleum products, and public utility charges. They also discussed response measures.

In addition, regarding the suspension of imports of Brazilian chicken, the government decided to allow imports (regionalization) of chicken produced in areas of Brazil where avian influenza (AI) has not occurred. The government will work closely with importers to ensure that imports can resume immediately starting from the 21st.

Lee stated, "Based on today's discussions, we plan to announce relevant measures as soon as possible."