SEOUL, May 02 (AJP) - Consumer prices in South Korea rose 2.1 percent in April from a year earlier, marking the fourth consecutive month of inflation hovering in the 2 percent range, according to data released Friday by Statistics Korea.
The consumer price index (CPI) reached 116.38, based on the 2020 baseline of 100. April’s figure extends a trend that began in January, when inflation climbed back to 2.2 percent after four months of remaining below 2 percent.
Processed food prices jumped 4.1 percent, contributing 0.35 percentage points to the overall inflation rate. Officials attributed the uptick to the delayed impact of a weakened won late last year, which has made imported raw materials more expensive.
In contrast, petroleum product prices fell 1.7 percent, reflecting recent declines in global oil markets. Prices for agricultural, livestock and fishery goods rose 1.5 percent, with particularly sharp increases in seafood and meat.
Core inflation — which excludes food and energy prices in line with the standards of the Organization for Economic Cooperation and Development — rose 2.1 percent, reentering the 2 percent range for the first time in seven months. An alternative core measure, which excludes volatile agricultural and petroleum products, climbed 2.4 percent.
Service prices also increased by 2.4 percent. Meanwhile, the fresh food index — a barometer of costs at the dining table — declined 1.9 percent, suggesting some relief in volatile perishable food prices.
The living necessities index, which tracks 144 frequently purchased items with a high share of household spending, rose 2.4 percent from a year earlier, unchanged from March. The figure signals persistent price pressure on everyday essentials, outpacing headline inflation.
reporter
Candice Kim
candicekim1121@ajupress.com
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