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S. Korea's Consumer Price Index inflation rate 2.3% y/y in April: Statistics Korea Updated: 2021-05-04 15:14:31 KST

South Korea posted its biggest jump in inflation since August 2017 in April.
According to Statistics Korea on Tuesday, the Consumer Price Index stood at 1-hundred-7.3-9 last month,up 2.3 percent.

This due largely to a sharp rise in the prices of fresh produce following poor harvest last year, and a spike in global oil prices.

Agricultural, livestock and fisheries products soared by 13.1 percent on year marking double-digit growth for four straight months.

For instance, green onions are now four times more expensive than they were a year ago.

"I've given up buying spring onions,and substituted with other vegetables like water parsley. I'm also buying ready-to-use seasonings because vegetables and fruit prices are too high."

Inflation is not limited to spring onions. It's seen all across the produce section from apples and rice to eggs. Egg prices spiked almost 37 percent due to the avian influenza.

“For the same money that this carton of ten eggs cost in March…. Customers in April could only afford to buy six eggs.”

A spike in global oil prices also contributed to the monthly increase,.. pushing up the prices of industrial goods by 2.3 percent.
Petroleum products saw a bumper 13.4 percent increase,the highest jump since March 2017.
Services nudged up 1.3 percent for the year, and part of that can be attributed to the rise in cost of dining out.

House prices were 1.2 percent higher than a year ago the highest jump in more than three years.

Statistics Korea expects inflation to continue into May as both the domestic and global economy gain momentum.

"Economic sentiment, especially consumer sentiment, is improving at the moment. This leads to increase in both demand and supply. Also, the last year's second quarter inflation rate was very low so this will bring base effect,with the figure expected to see a continuous rise."

Inflation, however, is likely to slow down in the second half as the base effect will no longer affect the figure.
Kim Sung-min, Arirang News.
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