Consumer prices rise 2.8% in July due to high oil costs

Korea’s consumer prices rose 2.8 percent in July from a year earlier as oil prices remained high, though the growth fell below 3 percent for the first time in three months, data showed on Tuesday.

According to data from the Ministry of Data and Statistics, the increase slowed from the 3.1 percent and 3.2 percent on-year growths posted in May and June, respectively.

The July data was mainly led by petroleum product prices, with diesel prices sharply rising 21.5 percent and gasoline prices adding 12.6 percent.

Korea relies heavily on imports to meet its energy needs.

Yonhap