A woman shops at a supermarket in Seoul, South Korea, Aug. 3, 2022. South Korea's consumer price soared 6.3 percent in July from a year earlier, marking the highest rise in almost 24 years, statistical office data showed Tuesday. (Xinhua/Wang Yiliang)
SEOUL, Aug. 2 (Xinhua) -- South Korea's consumer price soared 6.3 percent in July from a year earlier, marking the highest rise in almost 24 years, statistical office data showed Tuesday.
The consumer price index (CPI) stood at 108.74 in July, up 6.3 percent from the same month of last year, according to Statistics Korea. It marks the fastest rise since November 1998.
The headline inflation has been on the rise this year, with 4.1 percent in March, 4.8 percent in April, 5.4 percent in May and 6.0 percent in June.
The runaway inflation was driven by soaring global commodity prices amid continued supply chain disruptions and prolonged geopolitical risks in Europe.
Pent-up demand after the lifting of all anti-COVID-19 measures except an indoor mask mandate, boosted services prices, especially eating-out costs, as well as farm goods prices in the country. ■
People go shopping at a supermarket in Seoul, South Korea, Aug. 3, 2022. South Korea's consumer price soared 6.3 percent in July from a year earlier, marking the highest rise in almost 24 years, statistical office data showed Tuesday. (Xinhua/Wang Yiliang)
A man shops at a supermarket in Seoul, South Korea, Aug. 3, 2022. South Korea's consumer price soared 6.3 percent in July from a year earlier, marking the highest rise in almost 24 years, statistical office data showed Tuesday. (Xinhua/Wang Yiliang)