emirates7 - South Korea's consumer prices moved up 3.1% in August from a year earlier as oil prices remained elevated, along with higher mobile service subscription charges due to a low base effect from large-scale discounts offered last year following a hacking incident, data showed Wednesday.

According to data from the Ministry of Data and Statistics, carried by Yonhap News Agency, consumer price growth reached above 3 % in August, accelerating from a 2.8% on-year rise in July.

The consumer price increase came to 3.1% and 3.2% in May and June, respectively.

The latest figures came as oil prices remained elevated by moving up 14.2% on year in August, although the growth slowed from 15.6% posted in July.

Oil prices contributed 0.54 percentage point to the on-year consumer price growth in August, down from 0.6 percentage point posted in July.

In August, diesel prices rose sharply by 19.6%, and gasoline prices advanced 11.5%.

The increase was also partly driven by a 26.7% rise in mobile phone service charges, reflecting a low base from a year earlier, when SK Telecom Co. offered large-scale discounts following a data breach.

Core inflation, which excludes volatile food and energy prices, also advanced 3.4% on-year in August. It was the highest level since 3.8% posted in May 2023.