Seoul: South Korea's consumer prices increased by 3.1% in August compared to the previous year, driven by sustained high oil prices and elevated mobile service subscription charges. This rise in mobile charges is attributed to a low base effect from significant discounts offered last year following a hacking incident.

According to Qatar News Agency, citing data from the Ministry of Statistics, the elevated oil prices saw a 14.2% year-on-year increase in August, although this was a slight slowdown from the 15.5% growth recorded in July. Diesel prices surged by 19.6%, while gasoline prices climbed by 11.5%.

In the telecommunications sector, mobile phone service charges jumped 26.7% from the previous year. This significant increase reflects the low base from the previous year when SK Telecom Co. provided substantial discounts in response to a data breach.

The data also revealed that core inflation, which strips out volatile food and energy costs, rose by 3.4% year-on-year in August, marking the highest level since the 3.8% recorded in May 2023. Notably, South Korea's dependency on energy imports remains a crucial factor in its economic landscape.