Seoul: South Korea's consumer prices rose more than 3 percent from a year earlier for two straight months in June, reflecting the lingering impact of the Middle East war on supply chains and oil prices, data showed Thursday.

According to Yonhap News Agency, consumer prices, a key gauge of inflation, increased 3.2 percent last month from a year earlier, based on data from the Ministry of Data and Statistics. This marked the sharpest increase since December 2023, when the figure was at the same level. Prices of industrial products rose 4.4 percent, driven largely by higher fuel prices.

The data ministry indicated that fuel prices surged 24.7 percent, contributing 0.93 percentage point to the overall increase in consumer prices. The growth was the highest since a 35.2 percent rise in July 2022. Specifically, gasoline prices rose 23.1 percent and diesel prices jumped 33.7 percent. South Korea relies heavily on imports to meet its energy needs.

Prices of agricultural and fishery products increased by 3.2 percent, with beef and rice prices leading the way. Service prices rose 2.6 percent from a year earlier, propelled by higher insurance costs. Core inflation, excluding volatile food and energy prices, advanced 2.5 percent from a year earlier.

During a meeting with related ministries, First Vice Finance Minister Lee Hyoung-il emphasized the need to maintain inflation around 3 percent in the second half of 2026. South Korea announced plans to implement discount events at local retail stores in July and August, while importing additional eggs to control inflation. "Related ministries will bolster on-site inspections so that all measures will contribute to the stabilization of consumer prices," Lee added.