President Lee Jae-myung ordered the government to make a preemptive release of its strategic petroleum reserve and to sharply expand tariff quota volumes in response to the high inflation caused by the protracted Middle East war. At a Cabinet meeting on the morning of the 2nd, Lee said, "For the urgent stabilization of grocery prices, each ministry should swiftly push forward necessary measures such as preemptive releases of government reserves, stronger discount support, and an additional expansion of tariff quota volumes."
Lee said, "Without price stability, neither economic growth, improvement of polarization, nor the country's sustainable development is possible," adding, "It is fortunate that the increase has been considerably reduced through the implementation of a petroleum price cap and preemptive price management, but the burden of prices remains significant." Lee also said, "If price increases continue, the shock to vulnerable groups is relatively greater, and if the real income of vulnerable groups falls, polarization widens and economic vitality also backtracks."
Lee continued, "It is clear that without price stability, neither economic growth, improvement of polarization, nor the country's sustainable development is possible," adding, "We must promptly put practical countermeasures into operation." He again stressed a hard-line stance against market-disrupting acts. Lee said, "As I have repeatedly emphasized, market-disrupting acts such as hoarding or collusion should be investigated thoroughly and held strictly accountable to the point that being caught even once makes a company think it will go under."