Seoul: South Korea's consumer prices increased by 2.8 percent in July compared to the same month last year, primarily influenced by persistently high oil prices, as shown by recent data. This marks the first time in three months that the growth rate has dipped below the 3 percent mark.

According to Yonhap News Agency, the July increase represents a slowdown from the 3.1 percent and 3.2 percent year-on-year increases recorded in May and June, respectively. The main contributors to the July consumer price index were petroleum products, with diesel prices surging by 21.5 percent and gasoline prices rising by 12.6 percent.

South Korea's economy is particularly sensitive to fluctuations in oil prices due to its heavy reliance on energy imports to satisfy domestic needs. This dependence on imported energy sources has made the nation vulnerable to changes in global oil markets, which have been experiencing volatility.