Asia

S.Korea's Yoon pledges measures to contain inflation

FILE PHOTO: South Korean President Yoon Suk-yeol speaks during a ceremony marking Korean Memorial Day at the Seoul National cemetery on June 06, 2022 in Seoul, South Korea. Chung Sung-Jun/Pool via REUTERS

SEOUL (Reuters) -South Korean President Yoon Suk-yeol pledged on Tuesday to use all available supply-side measures to contain inflation, which is at its highest in more than a decade and continues to exceed market expectations.

“The government plans to adopt measures from the supply side because the source of price growth comes from the supply side,” Yoon told reporters after arriving at his office.

South Korea’s consumer inflation for the year to May hit a near 14-year high of 5.4% and is widely seen heading higher, mainly lifted by a global surge in materials and food costs.

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