The Consumer Price Index (CPI) in South Korea climbed 6% in June 2022, The inflation rate in South Korea reached a 24-year high in June 2022 amid rising prices of energy and food. According to Statistics Korea, the Consumer Price Index (CPI) increased to 6% in June 2022 YoY. The increase in CPI is the highest since November 1998 and exceeds the central bank’s 2% target for the 15th consecutive month. The CPI increased in almost every sector, with petroleum increasing 39.6% and restaurants climbing 8%.The high inflation reading did reinforce the case for the central bank’s increase of the policy interest rate by unprecedented 50 basis points at its meeting next week.South Korea’s inflation last month hit the highest since the Asian financial crisis more than two decades ago, adding to signs of building strains on the open, trade-dependent economy and fanning expectations of a big rate hike by the central bank.