Seoul: South Korea's consumer prices rose more than 3 percent in May from a year earlier amid global energy price volatility following the Middle East war, data showed Tuesday. Consumer prices, a key gauge of inflation, increased 3.1 percent last month from a year earlier, according to data from the Ministry of Data and Statistics. It marked the highest growth in 26 months.

According to Yonhap News Agency, the latest rise was driven by a surge in petroleum product prices, with gasoline prices rising 23.1 percent and diesel prices jumping 33.3 percent. This significant increase in fuel costs has largely contributed to the overall inflation rate, reflecting the country's reliance on imports to meet its energy needs.

South Korea's dependence on imported energy sources makes it vulnerable to global market fluctuations, as evidenced by the recent spike in consumer prices. The Ministry of Data and Statistics highlighted that the ongoing Middle East conflict has further exacerbated energy price instability, impacting South Korea's economy and inflation rates.