SEOUL — South Korean President Lee Jae-myung on Monday called for measures to stabilize prices, saying the increasing cost of living is causing “too much pain”.
The newly elected leader, who has prioritized economic recovery, made the comments at an economy taskforce meeting with officials.
“Prices are causing too much pain for the people, so please check the current situation and see if there are any possible measures and report them even before the next meeting,” Lee said, referring to higher prices of instant noodles.
Prices of chicken and eggs have risen since an outbreak of avian flu in Brazil, a vice finance minister told Lee during the meeting.
The government has restricted chicken imports from avian flu-affected areas in Brazil.
The left-leaning president has been widely tipped to usher in an era of fiscal expansion to boost cash subsidies and welfare, aiding economic growth albeit by increasing debt supply.
South Korea’s consumer inflation slowed in May to the weakest pace in five months, government data showed on Wednesday, coming in below market expectations.
The consumer price index rose 1.9 percent in May from a year earlier, after rising 2.1 percent in April, according to Statistics Korea.
It was the weakest since December 2024 and lower than the median 2.1 percent rise tipped in a Reuters poll of economists.
The Bank of Korea lowered interest rates last week for a fourth time in its current easing cycle to support an economic recovery clouded by US tariffs, with four of its seven board members open to more cuts in the next three months.
Asia’s fourth-largest economy contracted in the first three months of the year as exports and consumption stalled amid fear over the impact of US tariffs, fanning expectations interest rate cuts.
Lee said he would also discuss an extra budget at the Monday meeting.
