SEOUL, May 15 (Reuters) - South Korea said on Monday it will raise electricity prices by 5.3% to reflect some of the increased power generation costs, a move delayed more than a month because of the likely effect on already high inflation and the cost of living.

It is the second increase in power prices this year after a sharper 9.5% hike that took effect at the beginning of the year. The price adjustment had been due on April 1 but was delayed after public outcry about the increased cost of living. (Reporting by Choonsik Yoo; Editing by Tom Hogue)