Seoul: Prime Minister Han Seong-sook emphasized the urgent need for the government to prioritize controlling inflation after recent data revealed that consumer prices in South Korea surged at the fastest rate in 30 months, influenced by the persistent effects of the Middle East conflict. Despite a reduction in regional tensions, Han stressed the necessity of maintaining vigilance due to ongoing economic challenges such as elevated oil prices and a depreciated Korean won. This directive was issued during an emergency economic response meeting, marking only her second day in office.

According to Yonhap News Agency, Prime Minister Han expressed that managing prices should be the government's foremost priority. She called for maximum efforts to stabilize prices by closely monitoring essential goods' prices in real time and implementing decisive supply measures. Han also highlighted the importance of preparing in advance for economic collaboration with the Middle East, including reviving machinery and automobile exports and contributing to post-war reconstruction efforts.

Earlier, the Ministry of Data and Statistics reported that South Korea's consumer prices, a primary indicator of inflation, increased by 3.2 percent last month compared to the previous year. This marked the most significant rise since December 2023, when the increase was identical. Industrial product prices saw a 4.4 percent rise, largely driven by escalating fuel costs.

The data ministry further detailed that fuel prices soared by 24.7 percent, accounting for a 0.93 percentage point contribution to the overall rise in consumer prices. This represented the sharpest growth since a 35.2 percent increase recorded in July 2022.