SEOUL (Reuters) – South Korean President Yun Seok-yol on Monday urged the government to do everything in its power to stabilize the cost of living amid inflation now set to rise more than previously expected.

“Given that higher prices mean lower wages in real terms, I hope the government will use all available tools to stabilize people’s cost of living,” Yoon said at a staff meeting in his first month in office.

He cited the central bank’s sharp increase in consumer inflation expectations for this year to 4.5% from 3.1% previously and the governor’s predictions that inflation will rise above 5% within a few months.

The Yun government has already announced plans to lower the cost of living through tax cuts and excise stamps on some goods.

Source site 21