SEOUL (Reuters). Yoon Suk-yel, South Korean President, told Monday’s government to stabilize the living costs in light of rising inflation.

Yoon stated that, “Given higher prices means a decreased wage income, I hope government will use all available tools to stabilize the people’s costs of living.” He spoke at a staff meeting in his first month of office.

The central bank raised its consumer inflation forecast to 4.5% last week from 3.1%. He also referred to its governor’s prediction of an inflation rise above 5% within a few months.

Yoon’s government announced already plans to lower living costs through tax cuts and coupons on certain goods.