Rate pressure increases

Staying cautious: People pose for photographs at a Han river park in Seoul. Curbing consumer prices is a top priority as the country released its consumer price index figures for March yesterday. — Reuters

SEOUL: South Korea’s inflation accelerated to the fastest pace since 2008 in April, intensifying pressure on the central bank to execute back-to-back interest-rate increases at its policy meeting later this month.

Consumer prices advanced 4.8% from a year earlier, quickening from 4.1% in March and exceeding economists’ estimate of 4.4%, data from the statistics office showed. Transportation costs led the gains, reflecting surging energy prices that have been exacerbated by Russia’s invasion of Ukraine.