Oil Price Surge Worsens Inflationary Pressure; Government Mobilizes Full Efforts for Supply Chain Checks

President Lee Jae-myung has identified price stability as the top priority in response to inflationary pressures caused by high oil prices, vowing to mobilize all efforts for supply chain management and fiscal response. Speaking at a senior secretaries' meeting on the 7th, the President noted that the more than 20% surge in international oil prices had exacerbated consumer prices in April, expressing concern over the growing burden on households and the dampening of consumer sentiment. The Ministry of the Interior and Safety convened an inter-agency task force on high oil price damage support, discussing measures to include gas stations with annual sales exceeding 3 billion won in the scope of support fund usage.

President Lee also announced the launch of the National Growth Fund, a participatory growth fund, on the 21st, aiming to expand investment in high-tech industries and share the resulting performance.

Furthermore, he emphasized the necessity of legislating the Life Safety Basic Act, which enshrines public safety as a fundamental right, and urged an end to repeated sacrifices caused by the absence of state protection. President Lee called for thorough preparation of subsequent institutional frameworks to ensure the smooth implementation of the law and for consolidating national capabilities to create a safe society for all.