Car owners pump gas at a gas station in Seoul on April 12. [YONHAP]
Oil-driven inflation from tensions in the Middle East appears to be hitting Korean consumers hard as it pushes inflation above 3 percent for the first time in 26 months.
Prices are rising not only for petroleum products such as gasoline and diesel but also for services affected by higher fuel costs, including international airfares and laundry services. Economists warn that rising oil prices could continue spreading through the broader economy in the coming months.
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Last month, consumer prices rose 3.1 percent compared to a year earlier, according to a report from the Ministry of Data and Statistics released Tuesday. For the first time since March 2024, inflation has surpassed the 3 percent mark. The figure represents a significant jump from April, when on-year inflation stood at 2.6 percent.
