S.Korea's headline inflation hits 5-year high on expensive food, energy

South Korea's headline inflation rose to the highest in almost five years as living costs picked up on expensive food and energy, a government report showed Tuesday.

Consumer prices rose 2.2 percent in March from a year ago, up from a 1.9 percent gain in February, according to Statistics Korea.

The consumer price inflation, which rebounded above 1 percent in September last year, accelerated to 2.0 percent in January and 2.2 percent in March.

Higher energy and food costs led the March inflation. Oil product prices jumped 14.4 percent, raising last month's headline inflation by 0.59 percentage points.

Prices for agricultural, livestock and fishery products advanced 5.8 percent, raising the overall headline inflation by 0.46 percentage points.

Core consumer prices, which exclude volatile oil and agricultural products, gained 1.4 percent. The OECD-method core prices excluding food and energy costs climbed 1.7 percent last month.

Prices for fresh food, including vegetables and fruits, jumped 7.5 percent in March from a year ago. The so-called livelihood prices, which reflect daily necessities, added 2.8 percent last month, the highest in over five years.

Among agricultural items, tangerine prices more than doubled compared with a year ago. Prices for cabbage, egg and chicken logged a double-digit increase last month.

Industrial goods prices rose at a fast pace, with prices for gasoline and diesel rising 12.4 percent and 18.2 percent respectively.

Services price gained 2.1 percent last month, helping raise the consumer price inflation by 1.16 percentage points.

Prices for electricity, tap water and natural gas added 3.9 percent in March from a year earlier. Enditem