South Korean shoppers facing higher prices in a grocery store with an inflation chart overlay
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South Korea consumer prices rise 3.2 percent in June to 30-month high

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Kiswahili

Statistics Korea data showed consumer prices rose 3.2 percent in June from a year earlier, the sharpest increase since December 2023.

Industrial product prices rose 4.4 percent, led by a 24.7 percent jump in fuel prices that added 0.93 percentage points to the overall increase. Gasoline prices climbed 23.1 percent and diesel prices surged 33.7 percent.

Agricultural and fishery product prices increased 3.2 percent, with domestic beef rising 7.5 percent, rice 11.7 percent and green onions 37.1 percent.

Service prices advanced 2.6 percent and core inflation, excluding food and energy, rose 2.5 percent. The government has deployed a fuel price cap, discount events at stores in July and August, and extra egg imports.

Prime Minister Han Seong-sook said price management must be the top priority. First Vice Finance Minister Lee Hyoung-il stressed efforts to keep inflation around 3 percent in the second half of 2024.

Watu wanasema nini

Discussions on X focused on South Korea's June CPI rising to 3.2% YoY, the highest since late 2023, attributing it mainly to Middle East conflicts driving oil prices. Reactions were largely neutral, highlighting potential Bank of Korea rate hikes at the July 16 meeting and market pressures on the won and stocks. Some users noted sticky inflation risks and broader oil exposure effects across economies, with limited skeptical or strongly negative views expressed.

Makala yanayohusiana

A realistic illustration of a South Korean gas station highlighting rising fuel prices and inflation.
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South Korea consumer prices rise 3.1 percent in May

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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.

South Korea's consumer prices accelerate to 2.6% in April amid oil shock

South Korea's consumer prices rose 2.6 percent year-on-year in April, up from March's 2.2 percent and the fastest pace in 21 months, driven by soaring fuel costs from the ongoing Strait of Hormuz disruption. Government data confirmed the figures.

South Korea's producer prices rise fastest in four years on oil surge

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South Korea's producer price index rose 1.6 percent in March from the previous month, the fastest pace in about four years, Bank of Korea data showed Wednesday. The surge was driven by higher petroleum and chemical product prices amid rising global oil costs. Year-on-year, prices climbed 4.1 percent, the quickest increase since February 2023.

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South Korea exports surge 60.4 percent in early June

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South Korea's exports jumped 60.4 percent in the first 20 days of June from a year earlier. Robust semiconductor shipments drove the figure to a record high.

Annual inflation in Colombia rises to 5.68% in April

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President Lee orders prompt action to stabilize prices

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President Lee Jae Myung on Tuesday instructed officials to take prompt action to stabilize consumer prices amid ongoing pressures from the Middle East conflict.

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