Fuel prices drive Korea’s consumer inflation to 3.1%

SEOUL, (UrduPoint / Pakistan Point News / WAM - 02nd Jun, 2026) Consumer prices in the Republic of Korea rose by more than 3 percent in May compared with the same month last year, amid volatility in global energy prices following developments in the middle East.

According to data released by Statistics Korea, consumer prices, a key measure of inflation, increased by 3.1 percent last month year-on-year, marking the highest rate of growth in 26 months.

The latest rise was largely driven by a surge in petroleum product prices, with petrol prices increasing by 23.1 percent and diesel prices jumping by 33.3 percent.