Seoul: South Korea's consumer prices rose at the fastest pace in 21 months in April, driven by soaring fuel costs, government data showed Wednesday.

According to Yonhap News Agency, consumer prices, a key gauge of inflation, increased 2.6 percent from a year earlier last month, based on data from the Ministry of Data and Statistics. This marks the largest on-year increase since July 2024, when inflation also climbed 2.6 percent.

The recent rise was primarily influenced by a significant surge in petroleum product prices, which jumped 21.9 percent from a year earlier. This represents the sharpest increase since July 2022. Diesel and gasoline prices, in particular, saw on-year increases of 30.8 percent and 21.1 percent, respectively, marking the steepest rise since July 2022.

Global oil prices have escalated notably as the Strait of Hormuz has effectively been closed following U.S.-Israeli strikes on Iran in late February, leading to disruptions in global oil supplies. South Korea's heavy reliance on imports to satisfy its energy requirements has further exacerbated the situation.

Consequently, prices of industrial products increased by 3.8 percent, marking the fastest growth since February 2023, when they rose by 4.8 percent. Meanwhile, service prices also rose 2.4 percent from a year earlier, largely due to higher insurance costs.

Conversely, prices of agricultural, livestock, and fishery products experienced a slight decline of 0.5 percent, continuing a trend of monthly decreases. Core inflation, which excludes volatile food and energy prices, rose 2.2 percent on-year last month, according to the ministry.