By Kwanwoo Jun
South Korea's headline inflation accelerated to a 30-month high in June, topping 3% for a second straight month--well above the central bank's 2% target.
Elevated inflation in the country is likely to strengthen the case for the central bank to tighten monetary policy at its rate-setting meeting later this month.
The Ministry of Data and Statistics said Thursday that the benchmark consumer-price index rose 3.2% from a year earlier in June--the fastest pace since December 2023--after increasing 3.1% in May.
The latest reading was exactly in line with the median forecast of seven economists in a Wall Street Journal poll.
On a month-to-month basis, consumer prices rose 0.1% in June, also matching the poll. Prices in May rose 0.5% from the previous month.
Core CPI, which excludes volatile food and energy prices, rose 2.5% from a year earlier in June and unchanged from the previous month.
Petroleum products led price gains, with gasoline and diesel prices jumping 23% and 34%, respectively, from a year earlier in June, ministry data showed.
The data suggest that accumulated increases in raw-material costs and a weaker won continue to feed through the economy despite easing energy-price pressures following the U.S.-Iran ceasefire, which has helped reduce tensions in the oil-rich Middle East.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com