INTRO: He stresses monitoring unfair trade practices and addressing structural issues in the distribution process
Seoul
South Korean President Lee Jae Myung has called for urgent and preemptive steps to stabilise the prices of food and daily necessities ahead of the Lunar New Year holiday. He made the remarks after visiting a traditional market in Chungju and later during a meeting with senior aides at Cheong Wa Dae.
“Many people remain concerned about rising prices and weak sales,” Lee said, stressing the need for quick government action. He directed a newly formed interagency task force to prepare short-term measures and closely monitor unfair trade practices such as price fixing and monopoly abuse.
The President also highlighted structural problems in the distribution process, especially in agricultural products like fruits and vegetables. He warned that strict action would be taken against companies found reselling imported goods at inflated prices despite reduced tariffs.
Lee further ordered a review of school uniform prices after reports showed average costs nearing 600,000 won (USD 417). With the school season approaching, he said prices must be checked for fairness.
Earlier this month, Lee urged officials to use all available measures to prevent companies from misusing monopolistic power. Prosecutors are currently investigating executives accused of fixing prices of essential goods, including flour, sugar, and electricity.