Chairing a cabinet meeting, Mr Moon said pressures on consumer prices are mounting, which could hurt household finances at a time when interest payments for households are also higher following hikes. successive Bank of Core key rates.
“Our top priority should be to stabilize commodity prices for our citizens, and I call for the rapid deployment of various policies to stabilize prices,” Moon said.
In January, consumer price inflation in South Korea hovered near the highest level in a decade and remained above the central bank’s 2% target for the tenth consecutive month, food and energy prices have pushed prices up.
A presidential election is scheduled for March 9, and Mr. Moon will leave office on May 9, having served the only term allowed by the South Korean constitution.