Seoul: South Korea's consumer prices rose at the fastest pace in 21 months in April, driven by soaring fuel costs. Consumer prices, a key gauge of inflation, increased 2.6 percent from a year earlier last month, according to the data from the South Korean Ministry of Data and Statistics. It marks the largest on-year increase since July 2024, when inflation climbed 2.6 percent.

According to Qatar News Agency, the latest rise was driven by a surge in the price of petroleum products, which jumped 21.9 percent from a year earlier, marking the sharpest increase since July 2022, when they rose by 35.2 percent.

Notably, diesel and gasoline prices jumped 30.8 percent and 21.1 percent on-year, respectively. They also mark the sharpest on-year increase since July 2022.

Prices of industrial products rose 3.8 percent, marking the fastest growth since February 2023, when they increased 4.8 percent due to the closure of the Strait of Hormuz and supply shortages.

Service prices also increased 2.4 percent from a year earlier, driven by higher insurance costs.

Prices of agricultural, livestock, and fishery products, on the other hand, edged down 0.5 percent, marking the second consecutive monthly decline.

Core inflation, which excludes volatile food and energy prices, rose 2.2 percent on-year last month, the ministry said.