South Korea's annual inflation spikes to nearly 14-year high

Consumer prices in South Korea increased at the fastest pace in almost 14 years this May, according to official data released on Friday.

Consumer prices spiked 5.4% last month, up from 4.8% in April, largely due to the protracted Ukraine war and South Korea's continuing economic recovery, Yonhap News Agency reported, citing data from Statistics Korea.

This was the sharpest annual rise since August 2008's 5.6%, while inflation growth also breached 5% for the first time since a 5.1% jump in September 2008, the report said.

"In May, prices of petroleum products, processed foods and personal service prices extended their high growth. The price growth of farm products also picked up," said Eo Woon-sun, a senior Statistics Korea official.

The official warned that global supply disruptions will likely further push up prices of industrial goods and personal services in June.