South Korea experienced a 2.2% increase in consumer prices in March compared to the previous year, according to government data released Thursday. This rise is primarily attributed to increasing global oil prices, fueled by ongoing geopolitical tensions in the Middle East.
This inflation rate, exceeding the government’s target of 2%, represents the highest year-on-year increase since December, when inflation reached 2.3%, as reported by the Ministry of Data and Statistics.
The primary drivers of this surge were significant increases in diesel and gasoline prices, which rose by 17% and 8% year-on-year, respectively. Consumers are feeling the impact at the pump as energy costs climb.
