Inflation hits 19-month high on rising oil prices

Consumer prices rose at their fastest annual pace in a year and nine months in April, as higher global oil prices tied to tensions in the Middle East filtered through the economy. Prices for manufactured goods that rely on petroleum and naphtha inputs also climbed, highlighting intensifying “warflation.”

Data released May 6 by Statistics Korea showed the consumer price index increased 2.6 percent from a year earlier, the highest since July 2024. The pace accelerated from 2.2 percent in March, when inflation had already begun to firm.

Fuel costs led the increase. Prices for petroleum products jumped 21.9 percent on the year, driving broader price gains. Gasoline rose 21.1 percent, while diesel surged 30.8 percent.

International airfares also climbed, rising 15.9 percent as higher fuel surcharges were passed on to passengers.


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