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South Korea inflation quickens to 3.1% as costs climb

September 3, 2026

Fuel costs remained a major source of price pressure during the month. Petroleum product prices climbed 14.2% from a year earlier, though the increase slowed from July. Diesel prices jumped 19.6%, while gasoline prices rose 11.5%. Petroleum products added 0.54 percentage point to annual consumer price growth. Mobile phone service charges also recorded a sharp annual increase. Mobile service prices rose 26.7% from August 2025, reflecting an unusually low comparison base. SK Telecom had offered large discounts for one month last year following a data breach. Government calculations showed headline inflation would have been about 2.5% without that mobile service effect. The temporary comparison factor therefore accounted for a significant share of August’s annual increase.

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