Prime Minister Kim Min-seok said on the 4th that he asked related ministries to do their utmost so that prices can stabilize, focusing on livelihood items.
At Government Complex Seoul on the day, the prime minister convened the 19th Emergency Economic Headquarters meeting and stated accordingly that the consumer price index for May announced this week rose 3.1% from a year earlier, climbing into the 3% range for the first time in 26 months since March 2024.
The prime minister assessed that, although foreign media are reporting in succession on the possibility of an end to the Middle East war, armistice talks and trade conflicts are continuing. He said, "The problem is that even if the war ends, it will take months or longer for a tangible recovery of supply chains, such as normalization of petroleum product supply," noting that price instability could be prolonged.
He also emphasized the unevenness of the inflation shock. The prime minister said, "Rising prices do not affect all groups equally," adding, "Low-income households feel the impact of inflation more acutely because essentials such as food and energy account for a higher share of expenditure."
The prime minister expressed regret over a string of recent industrial site accidents. Referring to the explosion at Hanwha Aerospace's Daejeon plant and the fire at SK hynix's Cheongju plant, he said, "I express my deep condolences to those who lost their lives in the accidents." He continued, "For high-risk processes, the government and local governments must work together to conduct on-site focused inspections and verify to the end whether improvements are implemented."
Regarding the nationwide local elections held the previous day, he said, "The central government and local governments must cooperate with each other to produce results that the public can feel."