Finance minister nominee names inflation control top mission

Lee Hyoung-il, the nominee for deputy prime minister and minister of finance and economy, emphasized on Wednesday that price stability will be his top priority. He highlighted grocery prices as a critical indicator of the economic team's performance. "Price stability is the foundation of people's livelihoods and the starting point for narrowing economic polarization," Lee stated during a press briefing.

He further explained that high prices disproportionately impact vulnerable groups, making inflation control the most crucial mission for the economic authorities. Lee also announced his intention to implement additional measures to maintain price controls on essential Chuseok holiday items. This came in the wake of the government's decision to release a record 180,000 tons of Chuseok food staples and provide 100 billion won in discounts on agricultural, livestock, and fishery products.

At a Cabinet meeting on the same day, President Lee Jae Myung urged the nominee to closely monitor prices of Chuseok staples, teasingly threatening to withdraw the nomination if prices were not brought under control.