South Korea's consumer inflation sped up to an almost 24-year high in July, official data showed on Tuesday.

The consumer price index (CPI) stood at 108.74 in July, up 6.3 percent from the same month last year, according to Statistics Korea. It marks the fastest rise since November 1998.

The runaway inflation was driven by soaring global commodity prices amid continued supply chain disruptions and prolonged geopolitical risks in Europe.

But the core CPI, which ignores food and energy prices, ended a three-month run of successive acceleration, implying a peaking of underlying price pressure.

On July 13, the Bank of Korea broke its tradition of raising its policy interest rate by 25 basis points each time, instead lifting it by 50 points.

The latest monthly central bank survey index on consumer sentiment dropped in July to its lowest level in 22 months, data showed last week.

(With input from agencies)