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South Korea experienced a significant increase in consumer prices in April, reaching the highest level in almost two years due to a surge in oil prices caused by the conflict in the Middle East. The consumer price index rose by 2.6% year-on-year, matching expectations and marking the largest increase since July 2024. This data was revealed by the government on Wednesday, with the index increasing by 0.5% on a monthly basis, driven by a 7.9% rise in petroleum product prices.
The rise in consumer prices in South Korea has been attributed to the surge in oil prices triggered by the conflict in the Middle East. The consumer price index increased by 2.6% in April compared to the previous year, in line with expectations. This marks the largest year-on-year increase since July 2024. On a monthly basis, the index rose by 0.5%, with petroleum product prices increasing by 7.9% during the month.
The Ministry of Data and Statistics reported that the consumer price index in South Korea rose by 2.6% in April compared to the previous year, driven by a surge in oil prices due to the conflict in the Middle East. This increase was in line with expectations and marked the largest year-on-year rise since July 2024. On a monthly basis, the index increased by 0.5%, with petroleum product prices rising by 7.9% during the month.
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