Petroleum prices surge 24.7%, pushing transport costs up 11.1%; international airfares and overseas tour packages also climb sharply; eggs, rice and green onions add to food price pressures

Domestic gasoline prices remain above 2,000 won per liter even as international crude prices have plunged 30% over the past month following a US-Iran ceasefire agreement. A gas station in Seoul on June 21. [Yonhap]
Domestic gasoline prices remain above 2,000 won per liter even as international crude prices have plunged 30% over the past month following a US-Iran ceasefire agreement. A gas station in Seoul on June 21. [Yonhap]

South Korea's consumer prices rose 3.2% in June from a year earlier, marking the second consecutive month of inflation above 3%, driven by a sharp surge in petroleum prices and steep increases in international airfares and overseas travel costs.

The Ministry of Statistics released its June 2026 consumer price trends report Wednesday, showing the consumer price index at 119.99 (base year 2020=100), up 3.2% from a year ago and 0.1% from the previous month. Inflation came in at 3.1% in May, making June the second straight month the rate has held above 3%. The core index excluding food and energy rose 2.5%, while the lifestyle price index climbed 3.4%.

Petroleum products led the price surge. Gasoline prices jumped 23.1% from a year earlier and diesel rose 33.7%, pushing the overall petroleum price index up 24.7%. Transport-sector prices climbed 11.1% as a result, making it the single largest contributor to the overall consumer price increase.

Rising global crude prices also fed through to travel costs. International airfares rose 28.2% from the previous month, while overseas group tour packages were up 24.3% from a year ago. The increases reflected a combination of pre-summer holiday travel demand and higher fuel surcharges.

Food prices added to household burdens. Green onion prices surged 37.1% from a year ago, while rice rose 11.7% and eggs climbed 10.3%. Domestic beef and pork prices also continued to rise, up 7.5% and 4.5%, respectively. Some vegetables bucked the trend, with garlic and cucumbers each falling 11.0% and cabbage dropping 19.7%.


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