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Last month, the consumer price index rose by 5%.
It is the first time in 14 years that the inflation rate has exceeded 5%.
Correspondent Jo Ki-ho reports.
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Statistics Korea said the consumer price index rose 5.4% in May compared to the same month last year.
The 5% increase rate is the first in 13 years and 9 months since 5.6% in August 2008.
[Eo Unseon/Statistics Office Economic Trend Statistics Review Officer: Consumer prices in May rose by 5.4% compared to the same month of the previous year as industrial products, services, livestock and fishery products, electricity, gas, and water rates all rose.]
By item, petroleum and processed food, etc. Industrial products rose 8.3% from a year ago.
Livestock products rose 4.2%, led by livestock products, which rose 12.1%.
In the case of potatoes, shipments were delayed due to drought and other factors, resulting in a 32.1% jump from a year ago.
Electricity and gas also rose 11% each, boosting inflation in the 5% range.
Personal service recorded a 5.1% increase as eating out rose 7.4%.
Rent rose 2% and public services rose 0.7%, respectively.
The living price index, which is close to the perceived price level, recorded 6.7%, the largest increase since July 2008 at 7.1%.
Excluding agricultural products and petroleum products, which fluctuate widely, the core price index stood at 4.1%, the highest since April 2009 at 4.2%.
By region, compared to May of last year, the inflation rate showed a 6% increase in tourist destinations such as Gangwon and Jeju.
The National Statistical Office predicted that if this trend continues, the inflation rate will likely reach the 5% level next month, and in this case, the average inflation rate this year will be 4.3%.