FILE PHOTO: Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022.
However, the central bank said the inflation outlook was highly uncertain, citing risks from global oil prices, economic growth and public utility price increases.
By product, agricultural prices rose 0.5% in May month-on-month, while utility prices jumped 2.2%.
Core CPI, which excludes volatile food and energy prices, rose 3.9% in May on-year, the slowest increase in 10 months.
But it was the second straight month that the core rate stayed above the headline rate, following its 4.0% rise in the previous month.
Persons:
Heo, ”, Ahn Jae
Organizations:
REUTERS, Statistics, Petroleum, Shinhan Securities, The Bank, CPI
Locations:
SEOUL, Seoul, South Korea, Statistics Korea, Korea