Yonhap News Summary

The consumer prices in South Korea increased by 3.1 percent in August compared to the previous year, primarily due to the persisting high oil prices and a rise in mobile service subscription fees. This significant growth in consumer prices was observed by the Ministry of Data and Statistics. In July, the growth had been at 2.8 percent on-year.

President Lee Jae Myung expressed the need to focus on expanding the economic pie rather than welfare during that time. In a message posted on his X account, he argued that the government's budget bill for the next year primarily lacked spending on distribution.