Price hike likely to speed up after April on high oil prices: BOK | Yonhap News Agency

## Summary
OK SEOUL, April 2 (Yonhap) -- Consumer inflation is expected to accelerate due to surging global oil prices amid the ongoing conflict in the Middle East, the Bank of Korea (BOK) said Thursday. Yoo Sang-dai made the remarks during a price monitoring meeting earlier in the day, as government data showed that the consumer price index rose 2.2 percent in March from a year earlier, the steepest on-year increase since December. "Consumer price growth is expected to accelerate after April due to a sharp rise in global oil prices," Yoo said. "Uncertainty remains high over the trajectory of inflation, particularly given developments in the Middle East and the resulting volatility in oil prices." The BOK will closely monitor price conditions "with heightened vigilance," he added. South Korea introduced a price cap on fuel March 13 to tame inflationary pressures. (Yonhap) graceoh@yna.co.kr (END) Related Articles (LEAD) Consumer prices rise 2.2 pct in March on surging oil prices (3rd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Keywords #inflation #BOK Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma (News Focus) Han Kang's NBCC win again spotlights art of translation Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (News Focus) Han Kang's NBCC win again spotlights art of translation (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Viewed All Categories (3rd LD) Lee, Prabowo agree to elevate bilateral ties, expand defense industry cooperation (LEAD) Trump says S. Korea prev Price hike likely to speed up after April on high oil prices: BOK Next Price hike likely to speed up after April on high oil prices: BOK

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SEOUL, April 2 (Yonhap) -- Consumer inflation is expected to accelerate due to surging global oil prices amid the ongoing conflict in the Middle East, the Bank of Korea (BOK) said Thursday.
BOK Deputy Gov. Yoo Sang-dai made the remarks during a price monitoring meeting earlier in the day, as government data showed that the consumer price index rose 2.2 percent in March from a year earlier, the steepest on-year increase since December.
"Consumer price growth is expected to accelerate after April due to a sharp rise in global oil prices," Yoo said. "Uncertainty remains high over the trajectory of inflation, particularly given developments in the Middle East and the resulting volatility in oil prices."
The BOK will closely monitor price conditions "with heightened vigilance," he added.
The war, which began in late February following U.S.-Israeli strikes on Iran, has driven up global oil prices amid supply disruptions, rattling financial markets and fueling concerns over inflation and a potential economic slowdown.
The BOK expected prices of agricultural, fisheries and other food items to remain stable while noting that government measures to curb inflation will likely ease upward pressure on costs.
It added the rise in consumer prices picked up pace only "slightly" from a month earlier in March as declines in agricultural, livestock and fisheries product prices, along with the government's fuel price cap, helped offset the impact of a sharp increase in petroleum prices.
Fuel prices are displayed at a gas station in Seoul on March 31, 2026. South Korea introduced a price cap on fuel March 13 to tame inflationary pressures. (Yonhap)
graceoh@yna.co.kr
(END)
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Price hike likely to speed up after April on high oil prices: BOK

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- South Korea introduced a price cap on fuel March 13 to tame inflationary pressures. (Yonhap) graceoh@yna.co.kr (END) Related Articles (LEAD) Consumer prices rise 2.2 pct in March on surging oil prices (3rd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Keywords #inflation #BOK Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma (News Focus) Han Kang's NBCC win again spotlights art of translation Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (News Focus) Han Kang's NBCC win again spotlights art of translation (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Viewed All Categories (3rd LD) Lee, Prabowo agree to elevate bilateral ties, expand defense industry cooperation (LEAD) Trump says S.

### Implications
- Yoo Sang-dai made the remarks during a price monitoring meeting earlier in the day, as government data showed that the consumer price index rose 2.2 percent in March from a year earlier, the steepest on-year increase since December. "Consumer price growth is expected to accelerate after April due to a sharp rise in global oil prices," Yoo said. "Uncertainty remains high over the trajectory of inflation, particularly given developments in the Middle East and the resulting volatility in oil prices." The BOK will closely monitor price conditions "with heightened vigilance," he added.
- The BOK expected prices of agricultural, fisheries and other food items to remain stable while noting that government measures to curb inflation will likely ease upward pressure on costs.
- It added the rise in consumer prices picked up pace only "slightly" from a month earlier in March as declines in agricultural, livestock and fisheries product prices, along with the government's fuel price cap, helped offset the impact of a sharp increase in petroleum prices.
- South Korea introduced a price cap on fuel March 13 to tame inflationary pressures. (Yonhap) graceoh@yna.co.kr (END) Related Articles (LEAD) Consumer prices rise 2.2 pct in March on surging oil prices (3rd LD) Trump claims Iran's president has asked for ceasefire; Iran denies it Keywords #inflation #BOK Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma (News Focus) Han Kang's NBCC win again spotlights art of translation Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (News Focus) Han Kang's NBCC win again spotlights art of translation (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Viewed All Categories (3rd LD) Lee, Prabowo agree to elevate bilateral ties, expand defense industry cooperation (LEAD) Trump says S.

### Expert Commentary
This article covers prices, price, oil topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 549.