Consumer prices rise 3.1% in May on soaring fuel prices

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 fastest growth in 26 months after rising at the same pace in March 2024. Prices of industrial products rose 4.2 percent, driven largely by higher fuel prices. Petroleum product prices shot up 24.2 percent, accounting for 0.92 percentage point of the overall consumer price increase. It marked the sharpest increase since the 35.2 percent spike recorded in 2022 during the early stage of Russia's invasion of Ukraine. In detail, gasoline prices rose 23.1 percent and diesel prices jumped 33.3 percent. Global energy supplies have faced jitters following the war between the United States and Iran, with shipments through the crucial Strait of Hormuz disrupted. Korea relies heavily on imports to meet its energy needs. Prices of agricultural and fishery goods went up 2.2 p

Original source: Korea Times