Oil Prices Jump 21% in April on Middle East War, Highest in 3 Years and 9 Months
- Input
- 2026-05-06 08:22:24
- Updated
- 2026-05-06 08:22:24
[Financial News] Consumer prices rose 2.6% last month, the largest increase in 1 year and 9 months. Oil prices climbed more than 20%, marking the highest level in 3 years and 9 months. The ripple effects of rising global oil prices caused by the Middle East war are now beginning to show in earnest. Their impact on consumer prices is expected to grow further after May.
According to April consumer price trends released by the Ministry of Data and Statistics on the 6th, the consumer price index stood at 119.37, with 2020 as the base year of 100, up 2.6% from a year earlier. That was the biggest increase since July 2024, when prices also rose 2.6%. Consumer prices had moved within a range of 1.7% to 2.4% last year and this year, but they surged into the upper 2% range this time.
In particular, oil prices jumped 21.9%. They added 0.84 percentage points to overall inflation, and the increase was the largest in 3 years and 9 months since July 2022, when prices rose 35.2%.
Gasoline prices rose 21.1% from a year earlier, while diesel prices climbed 30.8%. Those were the biggest gains since July 2022, when they rose 25.5% and 47.0%, respectively. Kerosene prices, up 18.7%, posted the sharpest increase since February 2023, when they rose 27.1%.
As oil prices rose, international airfares increased 15.9% from a year earlier.
In addition, laundry services rose 8.9%, and engine oil change costs increased 11.6%.
Industrial goods prices, including oil products and processed foods, rose 3.8%. The increase was the largest in 3 years and 2 months since February 2023, when it rose 4.8%.
The cost-of-living index, which reflects prices felt by consumers, rose 2.9%.
However, the fresh food index fell 6.1% due to seasonal factors and other influences. Rice prices rose 14.4%, while egg prices increased 6.4%.
The index excluding food and energy, a core inflation measure used by the Organisation for Economic Co-operation and Development (OECD), rose 2.2%.
skjung@fnnews.com Jung Sang-gyun Reporter