President Lee Jae-myung on the 12th said that ramen and cooking oil companies decided to cut prices in light of concerns about high inflation stemming from the Middle East situation, adding, "It will greatly help ease the public's inflation burden and stabilize livelihoods." According to Cheong Wa Dae, starting on the 1st of next month, four ramen companies will lower factory prices by about 40–100 won on 41 products, and six cooking oil companies will cut prices by 300–1,250 won.
Cheong Wa Dae Spokesperson Kang Yu-jung said at a briefing on the results of the chief secretaries' meeting presided over by the president, "The government has communicated with the industry by holding meetings with major food companies and inspecting sites, and has made various efforts to ease the public's unavoidable burden," adding, "In this process, the food industry plans to lower prices for ramen and cooking oil starting with shipments on Apr. 1."
Lee said that at Cheong Wa Dae that day he presided over the chief secretaries' meeting and received a report regarding "price cuts for some products" by cooking oil and ramen companies. He added, "At times like this, cutting product prices is almost the first time, I think," and said, "I extend my thanks to the corporations that joined in overcoming the crisis."
Lee said, "In fact, corporations are not in an easy position either," adding, "I understand they must secure as much profit as possible amid infinite global competition, but prices in Korea are among the highest in the world and life is tough for ordinary people, so I ask that, as members of the community, you consider making a small concession and sharing the hardship during difficult times."