Consumer prices rose 3.1% in May... Ruling and opposition parties spar over response to high inflation
Check the People Power Party's approval rating and the burden of rising prices, as well as the public livelihood crisis amid high exchange rates and high interest rates Take a quick look at economic issues and the government's response just before the June 3 local elections
According to the National Data Office, the Consumer Price Index in May rose 3.1% from a year earlier, marking the biggest increase since March 2024. As international oil prices climbed amid the fallout from the war in the Middle East, petroleum prices surged sharply, and this pushed overall inflation higher.
Jang Donghyeok, leader of the People Power Party, held a press conference at the party headquarters in Yeouido, Seoul, one day before the June 3 local elections, criticizing the situation of a weak won, high inflation, and high interest rates. Referring to rising prices and the burden on people’s livelihoods, he appealed to supporters, saying they should vote for the People Power Party to change the economy.
On the same day, the People Power Party claimed that the government had failed to properly respond to external variables, increasing the burden of rising prices. Meanwhile, President Lee Jaemyung stated that he would prevent economic damage caused by the spread of false information and took steps to address fake news.