South Korea’s consumer prices rose 2.2% year-on-year in January, marking the fastest increase in five months, according to Statistics Korea data released Wednesday. Inflation accelerated from 1.9% in December, driven by higher energy costs, a weaker won and base effects from last year. Monthly inflation also climbed 0.7%, with prices rising across all major categories, including services, industrial goods and fresh food.

Petroleum product prices surged 7.3% year-on-year, the steepest increase since July 2024, as recent currency depreciation pushed up import costs. Core inflation, which excludes volatile food and energy prices, rose 1.9%, remaining below 2% for the fourth consecutive month. Prices of daily necessities climbed 2.5%, slightly faster than December’s 2.2% gain. The finance ministry pledged continued vigilance and extended tariff rate quotas on energy and food imports to contain inflationary pressures.