President Lee Jae-myung addressed the inflation crisis resulting from the ongoing conflict in the Middle East during a press conference on June 8. He stated, "The issue is inflation," and emphasized his commitment to mobilizing the government's resources to minimize price increases.
During the press conference held at the Blue House, Lee remarked, "The Middle East conflict does not seem likely to end easily in the near future."
He noted that despite the current situation, oil supply has stabilized significantly, with over 87% of supply being managed through diversified import sources and stabilization measures. He acknowledged that there is still a shortfall of about 10%, but expressed confidence that it could be sufficiently managed through export controls.
Lee also highlighted the government's strategies to combat high inflation, including implementing price controls, utilizing strategic oil reserves, and providing cost support for diversified import sources. He stated, "We are working to minimize inflationary pressures."
Looking ahead, Lee asserted that by normalizing market order and managing unnecessary price surges, the worst-case scenarios could be avoided. He concluded that the overall inflation rate is being managed relatively stably compared to other countries.
* This article has been translated by AI.
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