consumer prices-tally
Consumer prices rise at fastest pace in 21 months in April on soaring fuel prices
SEOUL, May 6 (Yonhap) -- South 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. South Korea relies heavily on imports to meet its energy needs.
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