South Korea's consumer prices rose by 2.2% in March, largely due to a rise in global oil prices due to prolonged tensions in the Middle East. This is the steepest on-year increase since December, when inflation stood at 2.3%. The price of petroleum products jumped 9.9% from the previous year, marking the sharpest increase since October 2022. Meanwhile, diesel and gasoline prices also increased by 17% and 8% respectively.