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.