Korea inflation hits 21-month high in April

May 06, 2026, 09:54 am

		0
Fuel price information is displayed at a gas station in Seoul. / Yonhap

South Korea’s consumer inflation accelerated to its highest level in 21 months in April, driven largely by a sharp rise in global oil prices בעקבות tensions in the Middle East.

According to data released by Statistics Korea on May 6, the consumer price index (CPI) rose 2.6% year-on-year in April to 119.37 (2020=100). The figure marks the steepest increase since July 2024, following a gradual slowdown earlier this year.

The primary driver of inflation was petroleum prices, which surged 21.9% from a year earlier — the largest increase since July 2022. Petroleum alone contributed 0.84 percentage points to the overall 2.6% inflation rate, accounting for roughly one-third of the total rise.

By product, gasoline prices jumped 21.1%, while diesel prices soared 30.8%, both marking their biggest increases since July 2022. Kerosene prices also climbed 18.7%, the highest level since February 2023. Although price pressures were relatively limited in March, the continued rise in global crude oil prices was more fully reflected in April.

The impact of higher oil prices extended beyond fuel, spreading to industrial goods. Prices of industrial products rose 3.8% in April, the fastest pace since February 2023, reflecting increased raw material and transportation costs feeding into manufacturing.

Meanwhile, the living cost index, which reflects prices of frequently purchased goods, rose 2.9% — higher than the headline inflation rate — indicating that consumers are feeling stronger price pressures in everyday life.

A government official said authorities will strengthen efforts to stabilize prices amid rising external uncertainties, including geopolitical tensions in the Middle East. Measures will focus on petroleum products while closely managing essential consumer goods through interagency task forces.

#inflation #consumer prices #gasoline prices #diesel prices #oil shock