Consumer prices rose over six percent on-year last month, growing at the steepest pace in nearly 24 years.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 108-point-74 in July, up six-point-three percent from a year earlier.

It is the largest on-year gain in 23 years and eight months since November 1998, when it marked six-point-eight percent, and is the second consecutive month the rate has stayed in the six-percent range after posting exactly six percent in June.

Prices of commodities rose nine percent in July from a year earlier, with the prices of industrial goods soaring eight-point-nine percent. In particular, petroleum products spiked 35-point-one percent on-year.

Prices of agricultural, livestock and fisheries products rose seven-point-one percent on-year, while prices of electricity, gas and water jumped 15-point-seven percent, the largest gain since January 2010.

Service prices also gained six percent from a year earlier, the largest on-year gain since April 1998.

Core inflation, which excludes volatile food and oil prices, rose four-point-five percent on-year in July.