The consumer price inflation rate in April soared to the high 4% range, the highest level since the 2008 financial crisis.
According to the consumer price trend in April announced by the National Statistical Office, the consumer price index rose 4.8% in the month of last year.
This is the highest growth rate in 13 years and 6 months since October 2008 at 4.8%.
The consumer price inflation rate rose to the 3% range in October last year and remained in the 3% range for five months, then exceeded the 4% range in March, and jumped to the high 4% range last month.
Last month's inflation was driven by industrial products such as petroleum and personal services.
Looking at commodity prices, industrial products including petroleum products rose 34.4% and processed foods 7.2%, up 7.8%.
Agricultural and fishery products, which had stagnated in the past month, also rose 1.9%, led by livestock products, which rose 7.1%.
In line with KEPCO's electricity rate hike, electricity, gas and water prices rose by 6.8%.
Enlarging an image
Electricity price inflation was 11.0%.
Service prices rose 3.2% as private services rose 4.5%, public services 0.7%, and rents 2.0%.
Among personal services, eating out was the same as last month, the highest since April 1998, up 6.6% to 7.0%.
Eo Woon-seon, director of economic trend statistics at the National Statistical Office, said, "While prices for industrial products such as petroleum products and processed foods and personal services continued to rise significantly, prices for electricity, gas, and water also increased. It has expanded, but it is mainly due to the increase in oil and electricity and gas rates,” he said.
(Photo = Yonhap News)