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Inflation Growth in June Hits Nearly 24-Year High at 6%

Written: 2022-07-05 08:59:02Updated: 2022-07-05 11:00:07

Inflation Growth in June Hits Nearly 24-Year High at 6%

Photo : 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.

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