South Koreas consumer prices rose at the fastest pace in almost 24 years in June due to high energy and food costs.
According to Statistics Korea on Tuesday, consumer prices in June soared 6 percent from the same month last year.
That's the largest increase since November 1998 when the country was coping with the Asian financial crisis.
The rapid surge in consumer prices comes on the back of soaring energy, food, and raw materials prices.
The June figure marks the 15th month in a row that the index has been above 2 percent, which is the central banks inflation target over the medium term.
The statistics agency said readings could climb to 7 or 8 percent if the current trend continues and that annual inflation could exceed the 4.7 percent forecast by the Finance Ministry.