President Yoon Suk-yeol says he will take responsibility for resolving people's financial difficulties, saying that he will listen to the people and preside over a weekly emergency economy meeting.
Speaking at a Cabinet meeting on Tuesday, the President pledged spending cuts and streamlining for public institutions so that more money can be saved and used for people in need.
Mentioning the sharp increase in last month's consumer price index, Yoon said prices had been hit hardest since the oil crisis in the 1970s, because of supply chain issues and the COVID-19 pandemic.
The government has been lowering tariffs and fuel taxes to deal with the situation.
02:19
Gov't to designate rain-hit areas as special disaster zone while heavier rain is expected next week
00:35
00:38
02:16
02:33
01:56
03:13
02:17
