The government has projected that the nation’s inflation rate for the month of March is set to witness a sharp increase.

In a government meeting on consumer prices on Friday, first vice finance minister Lee Eog-weon said the Ukraine-Russia war has sharply pushed up energy and raw material prices and disrupted global supply chains. 

The vice minister described the conflict as a “black swan event” in reference to the war's unforeseen nature and its potentially disastrous consequences.

Lee said the nation’s consumer prices for the month of March, which will directly reflect the impact of the war, is set to see a further increase.

His remarks suggest that the inflation rate for March, which the government will release next week, could rise to the four percent range after hovering in the high-three percent range the past few months.

On the possibility of further cutting oil taxes amid surging international energy prices, Lee said a decision will be revealed next week.

The government is considering expanding the scale of oil tax cuts from the current 20 percent to 30 percent.