President Lee Jae Myung said Thursday the government will closely monitor the prices of major items and impose sanctions on companies that unfairly raise prices in an effort to ease cost burdens and stabilize inflation. Lee issued the warning on the social media platform X, sharing a link to a news report about companies lowering prices for instant noodles and cooking oil. “Reducing product prices is not easy, but the government will ease the burden on the public through close market monitoring and inflation management,” Lee wrote. “Companies should no longer unfairly raise prices by exploiting their monopolistic positions.” Lee ordered law enforcement authorities, the corporate watchdog and the tax service to closely monitor, investigate and impose sanctions on unfair practices, including price collusion and abuse of monopolistic positions. During a meeting with senior aides earlier in the day, Lee also instructed the government to identify sectors that are making unfair profits and take necessary measures. On Thursday, the government designated 23 key items, such as petroleum products,
