South Korea's consumer prices rose 3.1 percent in May from a year earlier, the fastest pace in 26 months, driven by surging fuel prices amid the Middle East war.
Data from the Ministry of Data and Statistics showed consumer prices increased 3.1 percent in May from a year earlier. This marked the fastest growth in 26 months, matching the pace last seen in March 2024.
Industrial product prices rose 4.2 percent, led by petroleum products that jumped 24.2 percent and contributed 0.92 percentage points to the overall rise. Gasoline prices climbed 23.1 percent while diesel prices surged 33.3 percent.
Agricultural and fishery goods increased 2.2 percent. Service prices rose 2.8 percent, with airline ticket prices up 33.5 percent due to higher fuel surcharges. Core inflation, excluding food and energy, advanced 2.5 percent.
Lee Doo-won, a senior official at the data ministry, said growth in processed food prices has slowed, suggesting the impact of the Middle East war has not yet spread to other sectors. The Ministry of Finance and Economy said the government will work to stabilize living costs.
