The consumer price index (CPI) came in at 110.80 in April, up 3.7 percent from a year earlier, according to Statistics Korea. The headline inflation retreated below 4 percent for the first time since February last year.
After peaking at 6.3 percent in July last year, the headline inflation had roughly been on the decline to 5.7 percent in October, 5.0 percent in December, 4.8 percent in February, and 4.2 percent in March.
Last month's slower inflation was driven by a sharp fall in oil products price.
Price for industrial products, including oil products, rose 2.0 percent in April from a year earlier, after advancing 2.9 percent in March and 5.1 percent in February.
Oil products price tumbled 16.4 percent last month, continuing to slide for the third straight month. It marked the fastest decrease in almost three years since May 2020.
Prices for gasoline, diesel and liquified petroleum gas (LPG) went down 17.0 percent, 19.2 percent and 15.2 percent each.
Processed food price picked up 7.9 percent in April after going up 9.1 percent in the previous month.
Price for agricultural, livestock and fishery products added 1.0 percent in April from a year earlier, lower than a gain of 3.0 percent in March.
Agricultural products price increased 1.1 percent due to higher vegetable price, but livestock products price slipped 1.1 percent on lower beef price.
The country's headline inflation remained high, topping the Bank of Korea (BOK)'s mid-term target of 2 percent for 25 months in a row.
The still high inflation was led by surging public utility rates, such as electricity charges and heating bills.
Price for electricity, natural gas and tap water spiked 23.7 percent in April from a year ago, after surging 28.4 percent in the prior month.
Electricity bill jumped 22.5 percent, while city gas and heating costs soared 32.5 percent and 30.9 percent each.
Private services price, including eating-out cost, went up 6.1 percent in April after gaining 5.8 percent in the previous month. Public services price added 1.0 percent.
Expense for dining outgained 7.6 percent last month, and the services price excluding the eating-out cost increased 5.0 percent.
Housing rent, including Jeonse and monthly rent, was up 0.8 percent in April, lower than an increase of 0.9 percent in the previous month.
Jeonse is South Korea's unique contract between two households where a landlord grants the two-year residential right to a tenant, who in turn lends a certain amount of money, or deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, climbed 3.7 percent in April from a year earlier, after going up 4.4 percent in the prior month.
The fresh food index, which measures the price of fish, shellfish, fruit and vegetable, grew 3.1 percent in April, after advancing 7.3 percent in the prior month.
Demand-side inflationary pressure hovered high. The core consumer price index, which excludes volatile agricultural and oil products, increased 4.6 percent in April, surpassing the headline inflation of 3.7 percent.
The OECD-method core price, excluding volatile energy and food costs, was up 4.0 percent last month.
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