President Yoon Suk-yeol said Wednesday the government plans to freeze utility fees, including railroad, postal and other public utility fees, in the first half of the year to help ease people's economic burdens. Yoon’s announcement comes amid a public outcry over soaring electricity and gas bills, interest rates and inflation. The Seoul city government initially planned to raise public transportation fares by the end of April but has postponed the plan due to Yoon’s announcement.

Saying that the communications and financial industries have “strong characteristics of a public good,” Yoon encouraged them to voluntarily take part in “sharing the pain of price stabilization, in tandem with the government’s efforts.” He added that the government must “base all policies on science” and that policies driven by “ideology and populism have proven to bring suffering to the people.”