Due to the spike in international oil prices resulting from the conflict between the U.S. and Iran, South Korea's government is facing challenges in achieving its consumer price inflation target of 2.0%. As oil prices rise, other prices related to industrial and agricultural products are also expected to increase, prompting the government to reactivate a petroleum price ceiling law that had been dormant for 30 years. The high weight of oil in household spending makes it a significant factor in calculating the consumer price index, increasing pressure on inflation. The report indicates that gasoline has a weight of 24.1 in the consumer price calculation, making it one of the most impactful items second only to housing costs. Price surges in major commodities like oil exert substantial upward pressure on overall inflation rates, as evidenced by a previous spike in 2022 following Russia's invasion of Ukraine, where oil prices surged, leading to a significant inflation impact in South Korea. Moreover, an increase in petroleum prices typically results in higher costs for transporting goods and increased energy expenses, which eventually trickle down to the prices of processed foods and agricultural products after a delay of three to six months. Economists project that given the current international oil price trends and exchange rate fluctuations, achieving the 2% inflation target set by the government and the Bank of Korea might prove increasingly difficult. Concern over further price increases due to rising production costs reinforces the need for vigilant monitoring by policymakers.