President Lee Jae-myung on Tuesday declared that "without price stability, neither economic growth nor improvement in polarization is possible," ordering measures including the preemptive release of government stockpiles. He also reiterated his resolve to impose strong penalties on hoarding and collusion.
The president made the remarks while presiding over a Cabinet meeting that doubled as an emergency economic review session at the presidential office. "It is fortunate that the rate of increase has slowed thanks to the implementation of the petroleum price cap and preemptive management, but there is still a considerable price burden," Lee said. "If price increases continue, the shock to vulnerable groups will inevitably be relatively much greater." Consumer prices rose 3.1% year-on-year last month, the largest increase in 26 months.
He added that "stabilizing grocery prices is the most urgent task," citing measures such as the preemptive release of government reserves, strengthened discount support, and additional expansion of tariff-rate quota volumes.
The president also repeatedly emphasized his policy of strictly punishing market disruptions. "As I have stressed repeatedly, hoarding and collusion must be thoroughly investigated and strictly held accountable so that companies feel they will go under if caught even once," Lee said. "I ask the ministries to make all-out efforts with the determination that price management is the core prerequisite for stabilizing people's livelihoods." During the ensuing ministry briefings, he added, "Acts of making money by breaking the rules must be sternly sanctioned," criticizing that "breaking the rules is itself a problem, but how is harming someone and gaining unfair profits through it any different from picking the pocket of a passerby?"
Meanwhile, Lee took issue with the reporting of some broadcasters, pointing out that "there are not a few cases where they lack neutrality, fairness and objectivity, to the point where you say 'this is really going too far.'" While receiving a report on policy achievements from the Broadcasting, Media and Communications Commission, he asked Chairman Kim Jong-cheol, "Are there sanctions when broadcasters are very biased like party bulletins, losing neutrality or lacking fairness?" adding, "I have never heard that there have been any sanctions." Turning to the prosecution, he said, "It has enormous authority, and it must bear commensurate responsibility," urging that "it must not fall into the trap of infallibility under any circumstances."
