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S. Korea's Consumer Price Index inflation rate 2.3% y/y in April: Statistics Korea Updated: 2021-05-04 13:31:18 KST

South Korea's consumer prices jumped 2.3 percent in April compared to a year earlier, the biggest rise since August 2017.
According to Statistics Korea on Tuesday, the Consumer Price Index stood at 1-hundred-7.3-9 last month.
The increase was due largely to a sharp rise in the prices of agricultural, livestock and fisheries products following the poor harvest, and spiking global oil prices.
Agricultural, livestock and fisheries product prices, increased by 13.1 percent seeing double-digit on-year price hikes for four straight months.
Of these, agricultural products rose almost 18 percent especially green onions, which are now four times more expensive than a year ago.
The prices of apples and rice saw huge inflation as well.
The steep rise in global oil prices was also a huge contributor to the monthly increases,.. pushing up the prices of industrial goods by 2.3 percent.
Of those, petroleum products saw a bumper 13.4 percent increase,the highest jump since March 2017.
Gasoline prices were up almost 14 percent.
Service prices nudged higher as well, up 1.3 percent for the year and part of that was the cost of dining out, which shot up 1.9 percent.
House prices were 1.2 percent higher than a year ago the highest jump in more than three years.
Statistics Korea added that,despite the economic recovery, this month's inflation pressure came more from the shortages in supply rather than increase in demand following improved consumer sentiment.
Regarding data coming for May, the agency assumes that inflation will continue as both global and domestic economies are gaining 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."

However, the agency says inflation is likely to slow down in the second half of the year as the base effect will no longer affect the figure.
Kim Sung-min, Arirang News.
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