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South Korea inflation hit nearly 24-year high in June

CPI climbed 6%, heaping pressure on President Yoon and big manufacturers

A worker cuts meat at a restaurant in Seoul. The Bank of Korea will determine whether an interest rate hike in July will help tame inflation.   © Reuters

SEOUL -- South Korea's inflation rate reached a nearly 24-year high in June as the country struggles to cope with soaring energy and food prices, official data showed on Tuesday.

Statistics Korea said the consumer price index rose 6% on the year last month, the highest level since November 1998 during the Asian financial crisis. The CPI rose in almost every sector, with petroleum products jumping 39.6% and restaurants climbing 8%.

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