Consumer prices in South Korea rose 3.1% in May from a year earlier, driven by sharp increases in petroleum products, international airfares and overseas group tour fees. Data from National Data Agency. Graphic by Asia Today and translated by UPI
June 2 (Asia Today) -- South Korea's consumer price growth topped 3% in May for the first time in 26 months as a prolonged Middle East war drove up global oil prices, raising concerns that high inflation could continue through the second half of the year.
The consumer price index stood at 119.92 in May, with 2020 set as the base year of 100, up 3.1% from a year earlier, according to consumer price data released Tuesday by the National Data Agency. It was the first increase of 3% or more since March 2024.
Industrial products rose 4.2% from a year earlier, while service prices increased 2.8%. Petroleum prices showed the sharpest increase, jumping 24.2%, the largest gain in three years and 10 months since July 2022, when the Russia-Ukraine war was at its height.
Gasoline prices rose 23.1%, diesel prices climbed 33.3% and kerosene prices increased 21.7%.
