Seoul: South Korea's consumer prices rose more than 3% year-on-year for the second consecutive month in June, reflecting the lingering impact of the Middle East conflict on global supply chains and oil prices.
According to Qatar News Agency, data released Thursday by the Ministry of Data and Statistics indicated that the Consumer Price Index (CPI), a key measure of inflation, rose 3.2% in June compared to the same period last year, its highest level since December 2023.
The increase was driven by a 4.4% rise in industrial goods prices, resulting from higher fuel costs. Fuel prices jumped by 24.7%, contributing around 0.93 percentage points to the overall inflation rate, marking the largest increase since July 2022.
Regarding petroleum products, gasoline prices rose by 23.1%, while diesel prices surged by 33.7%, reflecting South Korea's heavy reliance on energy imports.
Data also indicated that core inflation, which excludes the more volatile food and energy prices, rose by 2.5% in June compared to last year.