Taxi fares in the country increased at the steepest pace last month since the 1999 foreign currency crisis. 

According to Statistics Korea on Wednesday, the taxi fare index came to 120-point-19 in August, representing a 19-point-one percent increase from a year earlier. This is the largest gain since January 1999 when it soared 21 percent on-year. 

The taxi fare index has been increasing at a faster pace since last December when it rose one-point-five percent. This was followed by a 17-point-eight percent in July and a nearly 20 percent rise in August. 

The uptick began after nighttime surcharges were raised last December in Seoul and North Chungcheong Province, a move subsequently adopted by other regions including Busan, Incheon, Gwangju, Daejeon.

Additionally, in August, intracity and intercity bus fares rose by eight-point-one percent and ten-point-two percent on-year, respectively. These are the most significant increases since June 2016 and February 2020, respectively. 

As a result of these fare hikes in public transportation, the prices of public services in August recorded an on-year spike of 1.7 percent, marking the most substantial gain since October 2021.