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Inflation growth hits over 13-year high in April amid soaring fuel prices

Economy 08:01 May 03, 2022

By Kim Soo-yeon

SEOUL, May 3 (Yonhap) -- South Korea's consumer prices rose at the fastest pace in more than 13 years in April amid soaring energy costs caused by Russia's war with Ukraine and a rebound in demand from the pandemic, data showed Tuesday.

Consumer prices spiked 4.8 percent last month from a year earlier, accelerating from a 4.1 percent on-year gain in March, according to the data from Statistics Korea.

It marked the fastest on-year increase since October 2008, when consumer inflation climbed 4.8 percent. Inflation growth also exceeded 4 percent for the second straight month.

Consumer prices rose above 2 percent -- the central bank's inflation target over the medium term -- for the 13th straight month in April.

Core inflation, which excludes volatile food and oil prices, advanced 3.1 percent on-year last month.

South Korea's inflation has been under upward pressure as oil prices surged on tight supply concerns over Russia's invasion of Ukraine. Demand-pull price pressure has also risen amid the economic recovery.

This photo, taken May 1, 2022, shows gas prices at a filling station in Seoul as the government has decided to expand fuel tax cuts to 30 percent from 20 percent starting this month. (Yonhap)


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