South Korea's Leader Tackles Rising Prices Amid Economic Struggles

In a decisive move, South Korean President Lee Jae-myung has called for urgent measures to stabilize surging prices that are heavily impacting citizens. The president's latest push came during an economic taskforce meeting, highlighting his leadership's focus on economic recovery.

During the meeting, officials briefed Lee on the influence of Brazil's avian flu outbreak, which has contributed to the increased cost of chicken and eggs—a primary concern for the administration. The government has responded by restricting imports from affected regions in Brazil.

Lee's economic approach, seen as left-leaning, includes fiscal expansion policies intended to boost cash subsidies and welfare initiatives. This comes as South Korea's economy, the fourth-largest in Asia, grapples with contraction due to stalled exports and consumption, with additional discussions about an extra budget underway.

(With inputs from agencies.)