Consumer prices rose five-point-one percent this year, the most in 24 years.

According to Statistics Korea on Friday, the country's consumer price index stood at 107-point-71 in 2022, rising five-point-one percent from a year earlier to post the largest gain since 1998 when it reached seven-point-five percent.

Consumer prices grew three-point-six percent in January and continued rising to peak at six-point-three percent in July before retreating to the five-percent range in August.

The five-percent on-year increase in December was the eighth consecutive month that consumer price growth came in at five percent or higher.

The prices of industrial goods gained six-point-nine percent this year from a year earlier, with the prices of petroleum products soaring 22-point-two percent.

Prices of agricultural, livestock and fisheries products rose three-point-eight percent on-year, while the prices of electricity, gas and water jumped 12-point-six percent, the highest since 2010.

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