ⓒYONHAP News

Consumer prices rose six percent on-year in June, increasing at the fastest pace in nearly 24 years.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 108-point-22 in June, up six-percent from a year earlier.

It is the largest on-year gain in 23 years and seven months since November 1998 when it jumped six-point-eight percent.

The inflation rate surpassed four percent in March and April and climbed above five percent to five-point-four percent in May and hit six percent in June.

Prices of commodities rose eight-point-five percent in June from a year earlier, while the prices of industrial goods soared nine-point-three percent. Petroleum products in particular spiked 39-point-six percent on-year.

Prices of agricultural, livestock and fisheries products rose four-point-eight percent on-year, while prices of electricity, gas and water jumped nine-point-six percent.

Service prices also gained three-point-nine percent from a year earlier. The price of eating out increased eight percent.

Core inflation, which excludes volatile food and oil prices, rose four-point-four percent on-year in June, the largest growth since March 2009.

Following the announcement, President Yoon Suk Yeol said he will go to the people to hear about their economic hardships in person and preside over a weekly emergency economic and livelihood meeting.

Referring to the June inflation figures, the president said at a Cabinet meeting on Tuesday that the public sector should take the lead in easing the burdens imposed on people's livelihoods.

He mentioned how his administration has made efforts to reduce tariffs and fuel taxes, as well as relieve living expenses for those in vulnerable groups.

The president said public institutions will sell off unnecessary assets, carry out bold expenditure restructuring and enhance management efficiency to redirect resources toward support for those in need.

Closed-door discussions also took place to address the merger or revamp of 626 government-affiliated committees that have performed poorly or do not function properly.

The ruling People Power Party(PPP) and the government also vowed to swiftly implement measures to tackle inflation.

PPP spokesperson Her Eun-a said on Wednesday that the ruling party, the government and the presidential office jointly acknowledged the importance of prioritizing the easing of inflationary pressure and vowed to act.

The administration decided to accelerate the implementation of measures previously announced for the oil, agriculture and food sectors and will implement a second supplementary budget for the vulnerable.

They also decided to prioritize various regulatory reform bills aimed at economic revitalization and the stabilization of people's livelihoods, as well as those related to corporate investment and real estate.

Senior officials from the party, government and presidential office will be holding such meetings every month, according to Her.

This was the first such tripartite meeting of senior policymakers since the start of the Yoon Suk Yeol administration.