President Yoon Suk Yeol said he will go to the people to hear about their economic hardships in person and preside over a weekly emergency economic and livelihood meeting.

Referring to last month's six-percent inflation amid global supply chain disruptions and complications from the COVID-19 pandemic, the president said at a Cabinet meeting on Tuesday that the public sector should take the lead in easing the burdens imposed on people's livelihoods.

He mentioned how his administration has made efforts to reduce tariffs and fuel taxes, as well as relieve living expenses for those in vulnerable groups.

The president said public institutions will sell off unnecessary assets, carry out bold expenditure restructuring and enhance management efficiency to redirect resources toward support for those in need.

Closed-door discussions also took place to address the merger or revamp of 626 government-affiliated committees that have performed poorly or do not function properly.