According to Yonhap, in May 2022, the price growth rate was 5.4%.
In November 1998 inflation reached 6.8%.
Among the reasons for inflation, the agency pointed to rising prices for energy resources, products, rising demand after the COVID-19 pandemic, and disruptions in global supply chains.
If these trends continue, annual inflation will exceed the government's current forecast of 4.7%.
Earlier, the president of the US Oil and Gas Association, Tim Stewart, announced the worst energy crisis in the country in half a century.
In addition, inflation in Austria could beat the record of September 1975 and reach 8.7%.