Inflation growth hits over 13-year high in April amid soaring fuel prices
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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 COVID-19 pandemic, data showed Tuesday.
Consumer prices spiked 4.8 percent last month from a year earlier, accelerating from a 4.1 percent year-on-year gain in March, according to the data from Statistics Korea.
It marked the fastest year-on-year increase since October 2008, when consumer inflation climbed 4.8 percent, and the second straight month that inflation growth exceeded 4 percent.
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 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. (Yonhap)