Inflation in South Korea reached its highest level since 1998 in July.

South Korea’s National Statistical Office reported that the country’s inflation rate rose by 6.3% in July compared to the same period in 2021.

In a statement today, the administration said that this was the largest increase since November 1998.

Compared to June, the consumer price index rose by 0.5%. And in June of this year, the growth rate of prices was 6% compared to June last year, in May this year – 5.4%.

For its part, the South Korean news agency Yonhap reported that among the reasons for the increase in inflation are rising energy and food prices, as well as disruptions in global supply chains.

“There are many factors that affect inflation, most of which are external factors such as rising world oil prices. But lately, we have noted that the destabilizing external factors have begun to weaken and weaken,” said Oh Eun-song, a spokesman from the Department of Statistics was quoted by the agency as saying.

He noted that the level of core inflation, excluding rising food and fuel prices, reached 3.9% in July.

Source: TASS

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