Lee stresses nationwide effort to control inflation

SEOUL, June 28 (Yonhap) -- President Lee Myung-bak said Tuesday the government is trying hard to tame rising prices, forecasting that South Korea's inflation is expected to be around 4 percent this year, higher than the government's target of 3 percent.
"Though (the government) aims to keep it at around 3 percent, it will probably be some 4 percent," Lee said during a lunch meeting with speakers of local legislatures. "We are doing our best to seek ways to bring (inflation) under control, create jobs and revive the economy."
South Korea's consumer prices jumped 4.1 percent in May from a year earlier, much higher than the government's annual target of keeping inflation at around 3 percent.
The government has unveiled diverse measures such as easing import taxes on basic goods, unloading its stockpiles of agricultural products and cracking down on price rigging in the corporate sector that it fears could lead to a rise in consumer prices.
Lee also said that he believes job creation is the best welfare policy of all.
"Though we are strengthening tailor-made welfare measures, I believe the best thing is to create jobs," he said. "We cannot be satisfied just because numbers (economic indicators) are good when there are not enough jobs."
Lee also said he doubts whether local legislative members need party affiliations, stressing that local councils should focus on how best to serve the people without consideration of national politics.


jschang@yna.co.kr