Korea Joongang Daily
Korea JoongAng Daily

Oil-fueled inflation balloons above 3% for first time in 26 months

Oil-driven inflation from tensions in the Middle East appears to be hitting Korean consumers hard as it pushes inflation above 3 percent for the first time in 26 months.

2026-06-03

Inflation projected to hover above 3 percent as Middle East tensions continue: BOK

Inflation is projected to remain above the 3 percent level for the time being as the impact of high oil prices spills over into other sectors of the economy amid prolonged Middle East tensions, the central bank said Tuesday.

2026-06-02

Consumer prices jump 3.1% in May on soaring fuel prices

Korea's consumer prices rose more than 3 percent in May from a year earlier amid global energy price volatility following the Iran war, data showed Tuesday.

2026-06-02

Aviation output falls at sharpest pace in 52 months in April due to higher fuel surcharges

Korea's aviation sector output fell at the sharpest pace in 52 months in April, mainly due to a spike in fuel surcharges stemming from the prolonged Middle East conflict, government data showed on Monday.

2026-06-01

Korea's industrial output likely to rebound in May: Finance minister

Korea's industrial output, which tumbled in April compared to a month earlier in the wake of tensions in the Middle East, is likely to rebound in May amid signs of improvement in business sentiment, the finance minister said on Friday.

2026-05-29

Bessent stresses Trump's 'redlines' in Iran negotiations following report of tentative deal

U.S. Treasury Secretary Scott Bessent on Thursday reiterated U.S. President Donald Trump's “redline” demands in negotiations with Iran amid reports that Washington and Tehran have reached a tentative peace deal awaiting Trump's final approval.

2026-05-29

U.S., Iranian negotiators have reached peace deal, await Trump's final approval: Axios

U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend their cease-fire and conduct negotiations on Iran's nuclear program, but U.S. President Donald Trump has not yet given his final approval.

2026-05-29

Activists allege severe abuse after being detained by Israeli military forces

Activists detained from aboard an international aid vessel bound for Gaza claimed they suffered severe abuse, including sexual assault, at the hands of the Israeli military.

2026-05-28

Korea to ease crude oil stockpiling requirements for private sector under IEA joint plan

Korea will ease crude oil stockpiling requirements for the private sector as a step to fulfill its oil release pledge under a joint plan adopted by International Energy Agency members, an official said Thursday.

2026-05-28

Finance Ministry unveils outline to bolster supply chains, energy security in H2

Korea will seek to promote a post-Iran war crisis growth strategy in the second half of the year, focusing on bolstering supply chains and strengthening energy security, the Ministry of Finance and Economy said Tuesday.

2026-05-26