South Korea’s consumer inflation climbs 1.6%y/y in April

South Korea’s consumer inflation climbs 1.6%y/y in April


The nation’s consumer prices climbed again
last month, mainly driven by higher price tags on select food items. What’s more concerning is the acceleration
of inflation. Kim Hyesung help us look beyond the digits. Consumer prices in South Korea increased one-point-six
percent on-year in April,…up from the previous month’s one-point-three percent on-year gain. Though still in the one percent range, the
pace of consumer inflation accelerated to a six-month high. Statistics Korea says the pickup in price
growth was led by agricultural and livestock products, which soared over four percent in
April from the same month last year, faster than a two-point-one percent on-year gain
in March. In particular, vegetable prices jumped over
eight percent on-year, marking the fastest pace of growth since August last year. Potato prices soared nearly 77 percent, tallying
the quickest growth since March 2004, due to drop in supply. According to the Bank of Korea, rice prices
also went up 30 percent due to a drop in production last year. Service prices rose one-point-six percent
on-year on the back of higher restaurant food prices. Core CPI, which excludes oil and food prices,
was up one-point-four percent on-year. Kim Hyesung, Arirang News.

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