Seoul: South Korea's consumer prices grew by more than 2 percent for the second consecutive month in July, mainly driven by higher costs of industrial goods and services, government data showed Tuesday. Consumer prices, a key gauge of inflation, increased 2.1 percent from a year earlier last month, according to the data from Statistics Korea.

According to Yonhap News Agency, inflation had remained above the Bank of Korea's 2 percent target for four consecutive months through April before slowing to 1.9 percent in May. It then edged up to 2.2 percent in June. The statistics agency indicated that the July gain was primarily due to the continued depreciation of the South Korean won, which elevated import prices for industrial goods, and a steady increase in service prices also contributed to the inflationary pressure.

Among industrial goods, the prices of processed food products jumped 4.1 percent on-year, adding 0.35 percentage point to July's overall inflation. While agricultural product prices slightly decreased by 0.1 percent from a year earlier, the prices of livestock and fisheries products rose by 3.5 percent and 7.3 percent, respectively. In contrast, petroleum product prices fell 1 percent on-year, reversing an increase in the previous month.

The service sector continued its upward trend, posting a 2.3 percent on-year gain. Within the sector, utility costs, such as electricity and gas, increased by 1.6 percent, while water charges advanced 2.7 percent. Among personal services, prices for dining out rose 3.2 percent from a year earlier, and non-dining services climbed 3.5 percent. Core inflation, which excludes volatile food and energy prices, went up 2 percent in July, matching the previous month's increase.