Updated Mar.18,2008 09:06 KST

Lee Promises to Curb Prices of Daily Necessities

Gov¡¯t to Prepare New Consumer Price Index
52 Items Placed Under Gov't Price Control

President Lee Myung-bak has ordered the government to devote extra efforts to curbing the surging prices of 50 daily necessities through controlling supply.

At a briefing by the Ministry of Knowledge Economy in Gumi, North Gyeongsang Province, President Lee said price controls on 50 daily necessities would be helpful for ordinary people, adding the measure would keep the prices of daily necessities stable despite overall inflationary pressure. The government is expected to take measures to rein in the soaring prices of essential manufacturing products and major food products like flour, rice and instant noodles.

Turning to surging oil prices, Lee blasted the former Ministry of Commerce, Industry and Energy for failing to devise appropriate steps against high oil prices. He said the ministry ¡°committed a crime and made a tremendous mistake for the national economy.¡± Lee said oil prices have doubled over the last few years, and the former government should have devised appropriate measures and secured oil reserves. ¡°I have no idea what the previous government has done against soaring oil prices,¡± he said.

At the briefing, the ministry promised to create a business-friendly environment through deregulation. It vowed to help the nation join the ranks of the world's top 10 countries in terms of a good business environment, pushing it up 20 notches from the current 30th place.

(englishnews@chosun.com )