▲ Prime Minister Han Seong-sook speaks during an emergency economic response meeting on July 2, 2026. (Yonhap)

PM-inflation

PM says gov't should put top priority on reining in inflation

SEOUL, July 2 (Yonhap) -- Prime Minister Han Seong-sook said Thursday the government should focus on reining in inflation, after data showed that the country's consumer prices rose at the fastest pace in 30 months last month due to the lingering impact of the Middle East conflict.

Despite easing tensions in the Middle East, the government should not let its guard down as the economy is still facing challenges, such as high oil prices and a weakened Korean won, Han said while presiding over an emergency economic response meeting on her second day in office.

"More than anything else, we should make it our highest priority to concentrate on managing prices," Han said. "We should put in maximum efforts to stabilize prices, such as monitoring the prices of items closely related to people's livelihoods in real time and swiftly carrying out supply measures in a bold manner."

Han said the government should also prepare measures in advance for economic cooperation with the Middle East, including restoring machinery and auto exports to the region and contributing to post-war recovery efforts.

Earlier in the day, data from the Ministry of Data and Statistics showed that South Korea's consumer prices, a key gauge of inflation, rose 3.2 percent last month from a year earlier, marking the sharpest increase since December 2023, when the figure was at the same level.

Prices of industrial products rose 4.4 percent, driven largely by higher fuel prices.

The data ministry said fuel prices shot up 24.7 percent, contributing 0.93 percentage point of the overall increase in consumer prices. It was the sharpest growth since 35.2 percent posted in July 2022.

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