Consumer prices rose 2.8% from a year earlier, slowing from 3.1% in May and 3.2% in June, with oil products up 15.5%
South Korea Inflation Slows to 2.8% in July as Oil Price Hike Eases
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Summary
Oil prices accounted for 0.6 percentage point of consumer price growth in July, compared with 0.93 percentage point in June. Diesel and gasoline prices, in particular, remained elevated in July, rising 21.5 percent and 12.6 percent, respectively. Service prices rose 2.6 percent from a year earlier, driven by higher insurance costs.
Furthermore, 2, 2026, shows a gas station in Seoul. (Yonhap) The report showed oil product prices rose 15.5 percent from a year earlier in July, remaining elevated but slowing from the 24.7 percent on-year increase posted in June. Core inflation, which excludes volatile food and energy prices, also advanced 2.6 percent compared with July last year, the latest findings showed. "Despite the slowdown, the burden on people's livelihoods remains high as consumer prices continue to stay elevated due to the cumulative impact of previous price increases," the first vice finance minister said.
Cross-referenced from 2 sources.
Factual coreconfirmed by several independent voices
Oil prices accounted for 0.6 percentage point of consumer price growth in July, compared with 0.93 percentage point in June.
reliability low1/2 sourcesDiesel and gasoline prices, in particular, remained elevated in July, rising 21.5 percent and 12.6 percent, respectively.
reliability low1/2 sourcesService prices rose 2.6 percent from a year earlier, driven by higher insurance costs.
reliability low1/2 sources2, 2026, shows a gas station in Seoul. (Yonhap) The report showed oil product prices rose 15.5 percent from a year earlier in July, remaining elevated but slowing from the 24.7 percent on-year increase posted in June.
reliability low1/2 sourcesConsumer price growth apparently slowed in July from a month earlier as oil prices showed signs of stabilization, although they remained significantly high compared with 2025.
reliability low1/2 sourcesThe increase slowed from a 3.1 percent and 3.2 percent on-year rise posted in May and June, respectively.
reliability low1/2 sourcesCore inflation, which excludes volatile food and energy prices, also advanced 2.6 percent compared with July last year, the latest findings showed.
reliability low1/2 sourcesThe report showed prices of overall industrial products rose 3.7 percent from a year earlier in July.
reliability low1/2 sources
Reported detailssecondary facts, each attributed to its source
Agricultural product prices alone fell 2.2 percent from a year earlier.
according to Yonhap News"Despite the slowdown, the burden on people's livelihoods remains high as consumer prices continue to stay elevated due to the cumulative impact of previous price increases," the first vice finance minister said.
according to Yonhap News
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