President Lee jokes he may rescind minister nomination over Chuseok prices

President Lee Jae Myung on Tuesday pressed Lee Hyeong-il, the first vice minister of the Ministry of Finance and Economy whom he had just nominated as deputy prime minister and finance minister, on whether he could keep prices in check during the Chuseok holiday season. "Every year around Chuseok, everyone complains about rising prices," Lee said. "Are you confident this time?"

The exchange took place at a Cabinet meeting at Cheong Wa Dae after Lee Hyeong-il finished presenting a report on livelihood stabilization measures for the 2026 Chuseok holiday. The vice minister replied, "I will bring them firmly under control."

The president pressed further, asking "Are you sure?" to which Lee Hyeong-il responded, "I will make it happen."

The president then said in a joking tone, "I could rescind the nomination for finance minister — are you absolutely certain?" He had earlier named Lee Hyeong-il as his nominee for deputy prime minister and minister of the Ministry of Finance and Economy.

"It is a bit of an excessive joke, but the inflation issue is something our people feel all too keenly," the president said. "Recently, tax revenues have actually been holding up and the economy has been improving — in a K-shaped way, partially, but improving considerably — yet people are not fully benefiting from that. So I hope that at least during Chuseok, during the holidays, people do not feel too disheartened."

Meanwhile, the president told Gwangju-Jeonnam Special Metropolitan City Mayor Min Hyeong-bae that he had made "a very bold decision" after the city selected Suncheon National University as its recommended institution for a new national medical school in the South Jeolla Province region. "That must have been a significant political burden — well done," Lee said.

The president said the sense of relative deprivation would be considerable among people in the western Mokpo area, who had "fought fiercely for years and ultimately failed to make the cut," and called for support measures for the region.

Lee asked Interior and Safety Minister Yun Ho-jung to consult with Mayor Min and explore whether the central government could offer any support to the western Mokpo area. "There is a sense of disappointment there, so please look into what might be done," he added.