SEOUL - Korea JoongAng Daily's editorial on November 3 discussed the implications of South Korea's rising consumer prices and the government's response strategies.
According to Yonhap News Agency, The editorial cited data showing a 3.8 percent year-on-year increase in consumer prices in October, the most significant rise in the past seven months. The Deputy Prime Minister for Economic Affairs, Choo Kyung-ho, announced measures to stabilize prices and support heating costs for the working class, using projections by the Bank of Korea that set next year's inflation rate at 2.4 percent with oil prices at $84 per barrel. The editorial also mentioned President Yoon Suk Yeol's concerns over increasing government spending, suggesting that while spending must be controlled to prevent inflation, the government should still protect the economy by investing wisely in vulnerable sectors, economic reform, and new industries.
At the same time, the Democratic Party leader, Lee Jae-myung, proposed a 3 percent economic growth target through fiscal expansion, emphasizing investments in research, development, and infrastructure. The editorial concluded by underscoring the importance of maintaining fiscal integrity, pointing out that any fiscal expansion should not contribute to inflation or compromise the government's fiscal principles.