Finance Minister Hong Nam-ki said on Tuesday that inflationary pressure is expected to continue for the time being, stressing the urgent need to stabilize prices.

The minister presented the assessment in his opening remarks for a meeting with economy-related ministers after Statistics Korea said consumer prices jumped four-point-eight percent in April from a year earlier.

Minister Hong said that prices in major countries also remain at unprecedentedly high levels due to the prolonged war between Russia and Ukraine and other factors, prompting the International Monetary Fund to raise its 2022 inflation forecasts for major economies.

Pointing out that the inflation growth of four-point-eight percent in April marks the largest since October 2008, the minister said that he takes the fact seriously.

The minister then underscored the urgent need to stabilize prices, especially for low-income households.

He added that it is imperative for households, businesses and the government to join forces to ride out the crisis caused by soaring prices, while vowing all-out efforts to stabilize prices until the last moment of his term.