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Consumer Prices Jump 4.8% in April, Largest Growth Since 2008

Written: 2022-05-03 08:31:06Updated: 2022-05-03 09:47:53

Consumer Prices Jump 4.8% in April, Largest Growth Since 2008

Photo : YONHAP News

Consumer prices rose nearly five percent on-year in April, growing at the steepest pace in over 13 years.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 106-point-85 in April, up four-point-eight percent from a year earlier.

It is the largest on-year gain in 13 years and six months since October 2008 when it grew four-point-eight percent.

The rise in April is mainly due to the rising prices of personal services and industrial goods amid soaring global energy prices, prolonged supply disruptions and a rebound in demand.

By product, prices of commodities rose six-point-six percent in April from a year earlier, while the prices of industrial goods gained seven-point-eight percent. In particular, petroleum products spiked 34-point-four percent on-year.

Prices of agricultural, livestock and fisheries products rose one-point-nine percent on-year, while service prices gained three-point-two percent from a year earlier.

The average price of services jumped three-point-two percent with the prices of personal services, public services and housing rent gaining four-point-five percent, zero-point-seven percent and two percent, respectively. 

Core inflation, which excludes volatile food and oil prices, rose three-point-six percent on-year in April, the largest growth since December 2011.

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