March Consumer Prices Rise 2.2%... Petroleum Products Surge 9.9% (Update)

In March, consumer prices rebounded for the first time in three months, rising by 2.2%. The increase in international oil prices following the war between the United States and Iran led to a 9.9% surge in petroleum products, which contributed to the overall upward trend in prices.

According to the "Consumer Price Trends for March" released by the Ministry of Data and Statistics on April 2, the consumer price index for last month stood at 118.80 (2020=100), up 2.2% compared to the same month last year.

As the government announced the second highest price for petroleum products, gasoline and diesel prices were raised by 210 KRW per liter. On the 27th, a gas station in Seoul sold gasoline at 2,170 KRW per liter and diesel at 2,180 KRW per liter. March 27, 2026. Photo by Kang Jinhyung

The consumer price inflation rate, which had risen by 2.3% in December last year and 2.0% in both January and February of this year, expanded again to 2.2% in March.

By item category during the same period, petroleum products jumped by 9.9%, marking the largest increase in three years and five months since October 2022 (10.3%). Diesel and gasoline prices rose by 17.0% and 8.0%, respectively.

Agricultural, livestock, and fishery products fell by 0.6%, marking a reversal to a decline. While agricultural products dropped by 5.6%, livestock and fishery products increased by 6.2% and 4.4%, respectively, indicating that food prices remain volatile.

Looking at major items, prices for rice (15.6%), pork (6.3%), mackerel (7.2%), eggs (7.8%), and croaker (19.6%) all rose, while tangerines (-19.7%), cabbage (-24.8%), and radish (-42.0%) fell. Rice prices continued their double-digit increase for the seventh consecutive month since August of last year.

Industrial products rose by 2.7%, with the rate of increase expanding from the previous month. Among industrial products, computers recorded a 12.4% increase, reflecting the impact of higher semiconductor prices.

Electricity, gas, and water rates went up by 0.2%, while services increased by 2.4%.

The living price index, which focuses on frequently purchased items, rose by 2.3%, an expansion from 1.8% in the previous month. In contrast, the fresh food index dropped by 6.6%, with the rate of decrease widening.

This content was produced with the assistance of AI translation services.