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

All News 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)

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)

sooyeon@yna.co.kr
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