SEOUL, July 2 (Xinhua) -- South Korea's consumer price inflation hit the highest in 30 months due to a soaring price for oil products, driven by the Middle East tensions, statistical ministry data showed Thursday.
The consumer price index (CPI) shot up 3.2 percent in June from a year earlier, marking the fastest gain in two and a half years since December 2023, according to the Ministry of Data and Statistics.
The headline inflation stayed above the central bank's mid-term inflation target of 2 percent for 10 straight months since September 2025.
Price for industrial products, including oil products and processed food, advanced 4.4 percent in June compared to the same month of last year, higher than an expansion of 4.2 percent in the previous month.
Oil products' price spiked 24.7 percent last month, raising the overall inflation by 0.93 percentage points. It was the fastest in about four years since July 2022.
Price for gasoline and diesel jumped 23.1 percent and 33.7 percent each, while computer price went up 22.2 percent amid higher semiconductor price.
Processed food price added 0.9 percent in June from a year ago, faster than a growth of 0.8 percent in the previous month.
Price for agricultural, livestock and fishery products climbed 3.2 percent in June from a year earlier, lifting the overall inflation by 0.24 percentage points.
Agricultural products price rose 1.1 percent, marking the first rebound in five months, while those for livestock and fishery products swelled 6.2 percent and 3.7 percent each.
Rice price surged 11.7 percent, but those for garlic, pear, cucumber, carrot and cabbage fell in double figures.
Price for beef and pork mounted 7.5 percent and 4.5 percent each, while those for egg and yellow croaker posted a double-digit rise.
Price for electricity, natural gas and tap water was up 0.1 percent in June on a yearly basis.
City gas charge, heating cost and waterworks fee added in single digits, but the electricity bill dipped 0.4 percent.
Services price surged 2.6 percent last month, hiking up the headline inflation by 1.44 percentage points.
Public service price rose 1.6 percent, while private service price, including eating-out cost, expanded 3.4 percent.
The eating-out expense gained 2.6 percent, and the private service price excluding the dining-out cost jumped 3.9 percent.
Caused by a spike in fuel surcharges from rising oil prices, international airfares soared 28.2 percent last month.
Housing rent, including Jeonse and monthly rent, was up 1.0 percent in June from a year earlier.
Jeonse is South Korea's unique contract between two households where a landlord grants the two-year residential right to a tenant, who in turn lends a certain amount of money, or a deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, climbed 3.4 percent, while the fresh food index, which measures price for fish, shellfish, fruit and vegetables, added 0.4 percent.
Demand-side inflationary pressure lingered. Core consumer price index, which excludes volatile agricultural and oil products, appreciated 2.4 percent last month.
The OECD-method core price, excluding volatile food and energy costs, picked up 2.5 percent in the cited month. ■