The inflation rate in South Korea jumped to 5.4 percent in May from the previous year, hitting a near 14-year high amid soaring crude oil and commodity prices triggered by the Russia-Ukraine war.
Statistics Korea reported Friday that consumer prices accelerated from an on-year increase of 4.8 percent in April, marking the fastest annual growth since August 2008, when consumer prices rose 5.6 percent.
Consumer prices also exceeded the central bank’s inflation target of 2 percent for the 14th consecutive month, Yonhap news agency reported.
“In May, prices of petroleum products and processed foods, and personal service prices extended their high growth. The price growth of farm products also picked up,” Statistics Korea senior official Eo Woon-sun said….