In May, South Korea's consumer prices remained below 3 percent for the second consecutive month, with a 2.7 percent year-on-year increase. This marks a slowdown in price growth and a continued level below 3 percent. The rise in inflation was primarily driven by soaring prices of agricultural products, particularly fruits, which saw an 8.7 percent increase. Apples and pears experienced significant price spikes of 80.4 percent and 126.3 percent, respectively, due to supply shortages caused by poor harvests and unfavorable weather conditions. Additionally, petroleum product prices rose by 3.1 percent, the highest increase in 16 months, attributed to global oil price instability amid the Middle East crisis. Service prices increased by 2.3 percent, while core inflation, excluding volatile food and energy prices, gained 2.2 percent. Prices of daily necessities related to people's everyday lives, such as food, clothing, and housing, climbed by 3.1 percent. Despite a gradual easing of inflationary pressure, uncertainties persist due to geopolitical tensions and weather conditions. The government aims to reach the target inflation rate of 2 percent by around the end of 2024, with this year's prices expected to rise by 2.6 percent, according to the finance ministry.