A shopper looks at instant noodle products at a discount retailer in downtown Seoul, March 20. Yonhap
South Korea's consumer prices rose more than 3 percent in May from a year earlier amid global energy price volatility following the Middle East war, data showed Tuesday.
Consumer prices, a key gauge of inflation, increased 3.1 percent last month from a year earlier, according to data from the Ministry of Data and Statistics. It marked the highest growth in 26 months.
The latest rise was driven by a surge in petroleum product prices, with gasoline prices rising 23.1 percent and diesel prices jumping 33.3 percent.
South Korea relies heavily on imports to meet its energy needs.
