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Consumer price growth at near 4-year high in April

All News 08:05 May 04, 2021

By Kim Soo-yeon

SEOUL, May 4 (Yonhap) -- South Korea's consumer prices grew at the fastest pace in almost four years in April on higher prices of farm and oil goods, data showed Tuesday, indicating that the country may face growing inflationary pressure.

The consumer price index rose 2.3 percent on-year in April, accelerating from a 1.5 percent gain the previous month, according to the data compiled by Statistics Korea.

It marked the fastest on-year gain since August 2017, when the price index climbed 2.5 percent.

Compared with a month earlier, the index grew 0.2 percent last month, following a 0.1 percent on-month rise in March. Core inflation, which excludes volatile food and oil prices, rose 1.1 percent on-year last month.

The country's inflationary pressure remained low last year due to the fallout of the COVID-19 pandemic.

But consumer inflation is increasingly under upward pressure as the Korean economy is on a recovery track, led by robust exports and a low base effect.

Policymakers said consumer prices are expected to temporarily pick up in the second quarter, led by rising prices of farm and oil products.

This file photo, taken April 2, 2021, shows vegetables for sale at a traditional market in Seoul. (Yonhap)


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