South Korea's consumer prices rose 2.6 percent year-on-year in April, up from March's 2.2 percent and the fastest pace in 21 months, driven by soaring fuel costs from the ongoing Strait of Hormuz disruption. Government data confirmed the figures.
Consumer prices rose 2.6 percent from a year earlier in April, accelerating from March's 2.2 percent and marking the largest on-year increase since July 2024, per Ministry of Data and Statistics data.
Petroleum products surged 21.9 percent year-on-year—the sharpest since July 2022—with diesel up 30.8 percent and gasoline 21.1 percent, building on March's 9.9 percent petroleum rise. The increases stem from global oil supply disruptions after the Strait of Hormuz closure following U.S.-Israeli strikes on Iran in late February; South Korea's heavy energy import reliance amplifies the impact.
Temporary fuel price caps provided some offset, moderating overall inflation, a ministry official noted. "Fuel prices may rise slightly in May," said Lee Doo-won.
Industrial product prices climbed 3.8 percent, the fastest since February 2023. Service prices rose 2.4 percent on insurance costs. Agricultural, livestock, and fishery products dipped 0.5 percent due to favorable weather. Core inflation (excluding food and energy) edged up to 2.2 percent from March's level.
