Korea's inflation hits 6.3% in July, a 23-year high

Consumers shop at a large mart in Seoul on August 1. [NEWS1]

Inflation broke 6 percent in July, hitting a 23-year-and-eight-month high.

Petroleum product price increases have slowed due to the drop in oil prices, but the consumer price index rose as the prices for services and agricultural and livestock products increased.

According to Statistics Korea on Tuesday, the consumer price index last month was 108.74, a 6.3 percent increase on year. This is the biggest increase since November 1998.

In June, the consumer price index rose 6 percent on year.

After entering the 3-percent range in October last year, inflation hit the 4-percent mark in March and April this year. It continued to rise, hitting 5.4 percent in May before reaching 6 percent in June.

By category, industrial products and services led the rise in prices in July.

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]