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South Korea’s consumer prices rise 5.4pc in May

SEOUL (XINHUA) – South Korea’s consumer prices rose 5.4 per cent in May from a year earlier, fuelling worries about surging inflation, statistical office data showed on Friday.

The consumer price index (CPI) stood at 107.56 in May, up 5.4 per cent from the same month of last year, according to Statistics Korea. It marked the fastest increase in almost 14 years since August 2008.

Price for industrial products, including oil products, advanced 8.3 per cent in May from a year earlier.

Oil products price spiked 34.8 per cent, and processed food price gained 7.6 per cent last month.

Price for agricultural, livestock and fishery products picked up 4.2 per cent in May from a year earlier, after rising 1.9 per cent the previous month.

A fresh seafood stall in a street market in Seoul. PHOTO: AFP