South Korean April consumer inflation highest in nearly two years amid Iran war

South Korea's consumer prices rose 2.6% in April from a year earlier, marking the biggest year-on-year rise since July 2024. The consumer price index also rose 0.5% from the previous month, driven by a 7.9% jump in petroleum product prices and a 13.5% surge in international airfare. The South Korean government's nationwide fuel price caps are limiting the rise in gasoline prices, but inflation pressure remains high.