South Korea's July CPI Rises 2.8% Amid Sustained High Oil Prices
Deep News
Aug 04
Data released by the South Korean statistics authority on Tuesday showed that the country's consumer price index (CPI) in July rose 2.8% year-on-year, driven by persistently high oil prices resulting from the Middle East crisis, though the growth rate fell below 3% for the first time in three months.
The July CPI increase moderated from the 3.1% and 3.2% recorded in May and June, respectively. The uptick in July was primarily led by petroleum product prices, with diesel costs surging 21.5% year-on-year and gasoline prices climbing 12.6%. South Korea's energy needs are heavily reliant on imports.
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