Consumer prices rise at fastest pace in 21 months in April on soaring fuel prices

Oil prices are displayed at a gas station in Seoul, Tuesday. Yonhap

Korea's consumer prices rose at the fastest pace in 21 months in April, driven by soaring fuel costs, government data showed Wednesday.

Consumer prices, a key gauge of inflation, increased 2.6 percent from a year earlier last month, according to the data from the Ministry of Data and Statistics. It marks the largest on-year increase since July 2024, when inflation climbed 2.6 percent.

The latest rise was driven by a surge in the price of petroleum products, which jumped 21.9 percent from a year earlier, marking the sharpest increase since July 2022.

Global oil prices have risen sharply as the Strait of Hormuz has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting global oil supplies. Korea relies heavily on imports to meet its energy needs.

Source: Korea Times News