S. Korea’s Producer Prices Soar for Second Straight Month
(MENAFN) South Korean supplier prices surged for the second consecutive month in July, driven by steep increases in agricultural and oil product costs, Bank of Korea (BOK) data revealed Thursday.
The producer price index (PPI) rose 0.4% in July from June, accelerating from a 0.1% uptick the month prior, according to figures published by the BOK.
Agricultural, livestock, and fishery product prices jumped 5.6% in July—up sharply from June’s 0.6% rise—on the back of climbing agricultural commodity costs.
Prices for industrial products, including petroleum-based goods, rose 0.2% month-on-month. Within that category, coal and oil products recorded a notable 2.2% increase, following a 1.4% gain in June. Prices for electronic and optical devices also edged higher, though at a more moderate pace.
Conversely, prices for electricity, natural gas, and tap water fell 1.1% in July, marking the third straight month of decline for utility costs.
Service sector prices rose 0.4%, driven by higher charges in transportation, restaurants and lodging, as well as finance and insurance.
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