RoK's president prioritises tackling inflation, rising household debt
thamnguyen99 8-02-2022, 10:24
RoK's president prioritises tackling inflation, rising household debt

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The Republic of Korea (RoK)'s economic policies should focus on stabilizing consumer inflation and managing household debt as higher interest rates have repayments more onerous, President Moon Jae-said on Tuesday, with just a few months left in office.

Presiding a cabinet meeting, Moon said consumer price pressures are building which could hurt household finances at a time when interest payments for households are also higher following the Bank of Korea's back-to-back policy rate hikes.

"Our utmost priority should be on stabilizing prices for staple goods for our citizens, and I ask for timely deployment of various policies to stabilize prices," Moon said.

The RoK's consumer inflation hovered near a decade high in January and remained above the central bank's 2% target for a 10th straight month, as surging food and energy prices pushed prices higher.

A presidential election is set for March 9, and Moon will leave office on May 9, having served the single term permitted under the Republic of Korea's constitution.