Kang Hoon-sik Says 'The War on Inflation Starts Now'... Moves to Block Excessive Price Hikes Under the Pretext of Higher Oil Prices

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[Financial News] Kang Hoon-sik, Chief of Staff to the President of the Republic of Korea, said on the 11th that "the war on inflation starts now" as he vowed to make every effort to stabilize prices for ordinary people amid rising international oil prices and growing concerns over living costs caused by the prolonged Arab-Israeli conflict. He said the sharp rise in oil prices could push up the cost of raw materials and logistics, driving up prices of everyday goods. He also instructed relevant ministries and the Korea Fair Trade Commission (KFTC) to block excessive price hikes justified by higher oil prices.
Ahn Gwi-ryeong, Deputy Spokesperson at Cheong Wa Dae, said in a written briefing that the presidential office held a senior aides meeting chaired by Kang Hoon-sik this afternoon and discussed the issue.
At the meeting, Kang expressed concern over rising international oil prices and the resulting anxiety over living costs. He noted that the government had quickly rolled out measures to stabilize prices after the outbreak of the Arab-Israeli conflict, including the oil price cap system, fuel tax cuts, and securing additional crude oil and naphtha.
He explained that these steps helped keep April consumer prices at around 2.6%. However, he warned that surging international oil prices are likely to raise the cost of raw materials and logistics, further pushing up the perceived prices of items closely tied to daily life.
He also pointed to pork prices, which have risen more than 8% from a year earlier due to higher global grain prices and feed costs, and said the burden on ordinary households and vulnerable groups could grow further.
Kang urged the Ministry of Agriculture, Food and Rural Affairs (MAFRA), the Ministry of Oceans and Fisheries (MOF), the Ministry of Trade and Industry, the Ministry of Food and Drug Safety, and the KFTC to "block excessive price hikes justified by rising international oil prices and do everything possible to stabilize prices for ordinary people, with the determination that 'the war on inflation starts now.'"
Meanwhile, Kang also ordered government support and safety measures in connection with the case in which a teenage student was killed in the early hours of the 5th and another teenager who tried to stop the attack was seriously injured.
He expressed deep condolences over the incident and conveyed sympathy and solidarity to local students who are grieving the loss of a friend and coping with shock and anxiety. He also noted that statements calling for the harsh punishment of the perpetrator have been issued by students in the area, stressing that "this incident cannot be taken lightly."
Kang asked the Senior Presidential Secretary for Civil Society to meet directly with the bereaved family and the family of the injured student, convey the government's condolences, and carefully ensure that the necessary support and follow-up measures are carried out swiftly. The secretary immediately went to the scene to carry out the instructions.
He also instructed the Korean National Police Agency to conduct a thorough investigation and prepare special safety measures to keep young people from exposure to random crimes, including stronger patrols in vulnerable areas and at vulnerable times, safety inspections of school routes during the day and at night, and the expansion of crime-prevention facilities.
west@fnnews.com Seong Seok-woo Reporter