▲ This photo, taken April 3, 2022, shows gas prices at a filling station in Seoul, amid soaring energy costs. (Yonhap)

consumer prices-March

Soaring energy costs push up inflation growth to over 4 pct in March

By Kim Soo-yeon

SEOUL, April 5 (Yonhap) -- South Korea's consumer prices grew more than 4 percent for the first time in more than 10 years in March as energy prices jumped amid Russia's invasion of Ukraine, data showed Tuesday.

The consumer prices rose 4.1 percent last month from a year earlier, accelerating from a 3.7 percent on-year gain in February, according to the data compiled by Statistics Korea.

Consumer inflation exceeded 4 percent for the first time since December 2011, when consumer prices climbed 4.2 percent on-year.

Inflation growth stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 12th straight month in March.

Core inflation, which excludes volatile food and oil prices, advanced 2.9 percent on-year last month.

Inflation pressure has built up due to the extension of the economic recovery momentum and oil prices surging on supply concerns over Russia's war with Ukraine.

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