President Yoon Suk-yeol says he's going to work to address the financial difficulties people are facing.
In Tuesday's Cabinet meeting, he said he's going to make sure he listens to what the people are saying and will hold a weekly emergency meeting on the economy.
The President pledged to cut government spending and streamline public institutions so that more money can be directed to people in need.
He mentioned last month's big rise in inflation, and said prices are rising by the most since the energy crisis of the 1970s because of supply chain issues and the pandemic.
To get a hold on prices, the government has been lowering tariffs and fuel taxes.