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Gasoline prices in the US also hit a record high.
U.S. President Biden has declared that inflation is a top domestic priority and that he will keep prices down.
Correspondent Kim Soo-hyung from Washington.
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U.S. gasoline prices also broke record highs.
The average price of gasoline in the U.S. is $4.37 per gallon, up 47.4% from a year ago.
[Andrew Gross/American Automobile Association: The summer driving season has begun, and as the weather warms and the days get longer, people are going out more often and demand is higher.]
US President Biden said he understands the pain of rising prices. It declared that catching is a top priority for domestic policy.
[Biden/President of the United States: I want Americans to know that I take the inflation problem very seriously, and that it is a top domestic priority.]
He also emphasized the role of the Fed in carrying out the big rate hike.
[Biden/President of the United States: The Federal Reserve, whose main role is to fight inflation in our country, is the beginning of solving the problem.
So I think the Fed plays a role and we have to play our part too.]
President Biden emphasized that he would do his best to cut drug prices and solve the supply chain problem.
"We are also discussing ways to ease the high tariffs on some Chinese products," he said.
As the US declared that it would focus its policy capabilities on controlling inflation, it is expected to have a significant impact on the international economy, including Korea.