South Korea May Inflation Hits Two-Year High of 3.1%
South Korea’s consumer price index rose 3.1% in May, exceeding forecasts due to high energy costs. The data supports a move toward tighter monetary policy.
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South Korea consumer inflation rose 3.1% in May, hitting a two-year high as energy costs surged. The figure exceeded the 3.0% forecast and follows a 2.6% increase in April. Accelerating price growth pressures the central bank to tighten monetary policy to stabilize the won.
Petroleum product prices rose 24.2% from a year earlier, the Ministry of Data and Statistics reported. High oil prices triggered by the Middle East conflict drove this spike.
