Price hike likely to speed up after April on high oil prices: BOK

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 tha

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