Seoul: South Korea's consumer prices rose by 2.2 percent in March compared to the previous year, primarily driven by an increase in global oil prices amid ongoing tensions in the Middle East, as reported by government data released on Thursday. This increase surpasses the government's inflation target of 2 percent and represents the most significant year-on-year rise since December, when the inflation rate was at 2.3 percent.

According to Yonhap News Agency, the recent increase in consumer prices was largely influenced by a sharp rise in diesel and gasoline prices, which experienced on-year hikes of 17 percent and 8 percent, respectively. The global oil prices have escalated significantly following the effective closure of the Strait of Hormuz. This event was a result of U.S.-Israeli strikes on Iran in late February, leading to disruptions in global oil supplies. South Korea, being heavily reliant on energy imports, has been significantly impacted by these developments.