South Korea's inflation rate accelerated to its highest level in more than two years in May, driven largely by rising fuel costs amid volatility in global energy markets.
Consumer prices increased 3.1 per cent year-on-year last
month, marking the fastest pace of inflation in 26 months, according to data
released by Statistics Korea.
The increase was mainly attributed to higher petroleum
prices.
Petrol prices rose 23.1 per cent from a year earlier, while
diesel prices surged 33.3 per cent, reflecting the impact of fluctuations in
global energy prices following developments in the Middle East.
