Lee Orders All Available Measures to Tame Inflation, Support Livelihoods

President Lee Jae-myung on June 19 made price stability and the recovery of household livelihoods the government’s top policy priorities, ordering officials to mobilize all available measures.

At a senior aides' meeting he chaired at the presidential office that afternoon, Lee said the presidential office and the government must throw everything they have into stabilizing prices and restoring livelihoods.

Lee noted that the war in the Middle East, which has continued for more than 100 days and is nearing an end, inflicted heavy damage on South Korea’s economy by driving up oil prices, inflation and exchange-rate volatility. He said it will still take considerable time for the Strait of Hormuz to reopen fully and for energy supply chains to return completely to normal.

He urged officials not to treat the situation as finished, but instead as the beginning of a broader effort to revive the people’s economy and address shortcomings in the industrial economy.

Lee singled out inflation as the most urgent task. He said the rise in prices had been managed to a large extent through the oil price cap and preemptive inflation measures, but added that many issues still need attention.

He instructed officials to keep preparing measures to normalize prices of petroleum products and ease consumers’ fuel burdens until instability in international oil prices clearly subsides. He also called for exceptional steps beyond the existing framework to stabilize prices and supply-demand conditions for key goods.

Lee said this is precisely the moment for bolder and more precise action, even if the country appears to have cleared a major hurdle. Trying to save a bucket of water because the flames seem under control could lead to even bigger trouble, he added.

Lee also reviewed summer safety measures. As the number of heat-related illnesses surges in the extreme heat, he ordered officials to reexamine the heat-wave response manual and ensure cooling shelters are run properly. He also told officials to closely inspect worksites so workers can effectively exercise their right to halt work in dangerous situations.

Addressing a recent spike in falls at workplaces, Lee said the most immediate suspected cause may be lapses in attention brought on by the heat. Improving working conditions and guaranteeing the right to stop work would help prevent industrial accidents, he added.

With beaches nationwide set to open next week, Lee also ordered another review of accident-prevention measures in dangerous swimming areas and called for a preemptive response to unfair price gouging that recurs every vacation season.

Lee said the dedication and efforts of public officials can further strengthen public safety and correct irregular practices in daily life. He said all public servants must act responsibly.

Shin Yong-hyun, Hankyung.com reporter yonghyun@hankyung.com