Back to today’s briefing

Story perspectives

South Korea PPI Jumps 1.6% as Oil Prices Surge

4/23/2026

32 7 Full Breakdown

Summary

Lee Moon-hee Warns

South Korea's producer price index rose 1.6% in March 2026, the biggest gain since April 2022.
Coal and petroleum products jumped 31.9% in March, biggest rise since December 1997.
Computer memory devices and naphtha surged 101.4% and 68.0% respectively in March.
Manufactured goods rose 3.5% in March, with chemicals up 6.7%.
Lee Moon-hee, head of the Bank of Korea, warned oil and raw-material costs will push prices up amid U.S.–Iran uncertainty.

Summary

Fuel Prices Surge

Gasoline price reached 2,001.93 won per liter on March 19, 2026, first time above 2,000 won.
Diesel price rose to 1,995.62 won per liter, up 0.35 won from the previous day, per Opinet data.
A photo showed water vapor emitting from a petrochemical plant in Yeosu, Jeollanam-do, illustrating visible emissions.
A Seoul driver said the higher pump price increased the cost per fill-up after gasoline crossed the 2,000-won mark.

History

Historical Context

The 1997 Asian Financial Crisis began in Thailand and rapidly spread, leading to severe economic downturns in South Korea, Indonesia, and Thailand. South Korea's GDP shrank by 6.9% in 1998, prompting a $57 billion IMF bailout. Today, rising producer prices in coal and petroleum reflect ongoing inflationary pressures, echoing the volatility of that crisis and underscoring the need for economic reforms.

1 of 3

Lee Moon-hee Warns

South Korea's producer price index rose 1.6% in March 2026, the biggest gain since April 2022.
Coal and petroleum products jumped 31.9% in March, biggest rise since December 1997.
Computer memory devices and naphtha surged 101.4% and 68.0% respectively in March.
Manufactured goods rose 3.5% in March, with chemicals up 6.7%.
Lee Moon-hee, head of the Bank of Korea, warned oil and raw-material costs will push prices up amid U.S.–Iran uncertainty.

1 / 3