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South Korea Inflation Hits 2.5-Year High Amidst Oil Price Surge
2 Jul
Summary
- Consumer inflation accelerated to 3.2% in June, a 2.5-year peak.
- High oil prices, linked to the Iran war, are the primary driver.
- The monthly increase matched market forecasts at 0.1%.
South Korea experienced a notable increase in consumer inflation last month, reaching a 3.2% year-on-year rate in June. This figure represents the highest inflation recorded in two and a half years, with the Ministry of Data and Statistics reporting the acceleration from May's 3.1%.
The primary factor behind this surge in prices has been attributed to elevated oil costs, which are a direct consequence of the ongoing Iran war. The monthly inflation index also rose by 0.1%, aligning with economic forecasts and indicating a continued upward trend in consumer prices.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
