Inflation Hits 13-Year High in April

  • By Hwang Ji-yoon

    May 04, 2022 12:39

    Inflation rose at the fastest clip in 13 years and six months in April.

    Statistics Korea said consumer prices increased 4.8 percent in April compared to the same period of last year and even higher than the 4.1 percent in March.

    The cost-of-living index consisting of the prices of 144 everyday products including rice, instant noodles, eggs and sanitary items soared 5.7 percent, the highest rate since August 2008 at the height of the global financial crisis.

    People shop for groceries in a superstore in Seoul on Tuesday.

    Petroleum product prices surged 34.4 percent impacted by Russia, the world's third-largest oil producer, invading Ukraine.

    The war in Ukraine, which is the bread basket of the world, caused global food prices to surge. The protracted war between Russia and Ukraine, which account for 30 percent of global wheat exports, sent flour prices surging 16.2 percent on-year, while the prices of noodles jumped 29.1 percent and of cereal 13.2 percent.

    Sung Tae-yoon at Yonsei University said, "Stagflation began early this year and is getting worse."

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