People Power Party Urges End to Populist Spending Amid Soaring Grocery Prices

Consumer Prices Rise 2.1%, Broad Increase in Food Costs
Opposition Parties Continue Attacks on Government's Livelihood Measures

The People Power Party has recently raised concerns about the government's fiscal spending approach in relation to the recent rise in grocery prices. With the prices of daily necessities generally increasing ahead of the holiday season, the party attributed this to what it called "the Lee Jaemyung administration's cash handout-style policies."

On the 2nd, ahead of the Chuseok holiday, citizens are shopping at a traditional market in downtown Seoul. Photo by Yonhap News

On the 5th, Choi Sujin, Chief Spokesperson of the People Power Party, stated in a commentary, "According to the price indices released by the National Data Agency, the items most commonly consumed by ordinary citizens have increased across the board." She noted, "Bread is up by 6.5% compared to a year ago, coffee by 15.6%, livestock products by 5.4%, and seafood by 6.4%." She further pointed out, "The price of a bowl of rice at restaurants in Seoul has exceeded 2,000 won, and in some places, it is even 3,000 won. Even a single bowl of rice has become a burden."

The party also criticized the government for attributing the cause of inflation to unfair business practices by companies. Spokesperson Choi argued, "There are even threats to companies, citing that hoarding and cornering the market during the Joseon Dynasty was punishable by death," and claimed, "Trying to control the market economy through punishment is nothing but 'death penalty economics.'"

She continued, "Even experts are concerned that inflation could persist for a long time, but the government refuses to face reality and continues to blame others," adding, "What the public wants is not showy coupons, but tangible price stability." She stressed, "The Lee Jaemyung administration must halt populist fiscal spending and present sustainable measures."

Just a day earlier, on the 4th, Lee Chung-hyung, Spokesperson of the People Power Party, also asserted in a commentary, "The government and ruling party are neglecting the livelihood policies they should be pursuing and are instead preoccupied with political offensives."

He criticized, "Prices and real estate values are soaring, yet there is no visible response. The people's livelihoods are being neglected while political recklessness continues." He added, "Amid skyrocketing real estate prices and unstable inflation, the Lee Jaemyung administration is heading toward a 'Moon Jaein administration season two.' Instead of empty rhetoric about people's livelihoods, the government must introduce practical and tangible policies."

According to the September consumer price trends released by the National Data Agency on the 2nd, last month's Consumer Price Index rose by 2.1% year-on-year, returning to the 2% range for the first time in two months. Key food items such as livestock products, seafood, and processed foods led the price increases. Egg prices surged by 9.2% due to Chuseok demand, marking the largest increase in three years and eight months. The Korea Consumer Agency's Price Monitoring Center reported that the average cost of purchasing Chuseok ritual items for a family of four was 322,752 won, which is a 2.3% decrease compared to the survey conducted three weeks before Chuseok.

While the government has announced plans to strengthen supply and price monitoring for key items such as agricultural, livestock, and marine products, as well as petroleum products, the opposition continues to argue that these measures are not effective policies.