Key facts
- President Lee Jae Myung requested Pope Leo XIV visit North Korea.
- Pope Leo XIV agreed to actively pursue the visit proposal.
- President Lee Jae Myung identified inflation as the top policy priority.
- Lee called for "extraordinary measures" to stabilize prices and ensure stable supply of key items.
- Consumer prices rose 3.1% in May, the fastest growth in 26 months.
President Lee Jae Myung has requested Pope Leo XIV visit North Korea, a proposal the Pope indicated he would "actively" pursue. In parallel, Lee declared inflation the nation's most pressing policy concern, calling for "extraordinary measures" to stabilize prices and alleviate the financial strain on households.
During a meeting with senior presidential aides, Lee emphasized that global energy supply chains and the reopening of the Strait of Hormuz will require significant time, despite a recent ceasefire deal in the Middle East. He stated that high oil prices, inflation, and foreign exchange rate volatility stemming from the conflict have severely impacted the South Korean economy.
Lee directed officials to implement measures to normalize petroleum product prices and ensure the stable availability and pricing of essential goods like farm products and meat. He also addressed public health and safety concerns, instructing a review of heat-related illness protocols and cooling shelter operations, and emphasizing thorough safety checks at recreational areas ahead of the summer season. Additionally, he called for preemptive actions against price gouging during peak holiday periods.