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S.Korea's producer prices rise on higher farm goods prices

Xinhua, September 21, 2016 Adjust font size:

Prices for goods and services among suppliers in South Korea rose last month on the back of higher farm goods prices caused by scorching heat during the summer season, central bank data showed on Wednesday.

Producer price index (PPI) stood at 99.02 in August, up 0.1 percent from the previous month, according to the Bank of Korea (BOK).

It was a rebound from a 0.1 percent fall in July as heat wave in the summer worsened crops, leading to higher prices in agricultural products.

Prices for agricultural, livestock and fishery products jumped 6.6 percent in August from a month earlier. Agricultural product prices surged 13.8 percent, but those for fishery products inched down 0.2 percent.

Food and beverage prices gained 3.5 percent, with those for fresh food such as vegetables and fruits advancing 16.7 percent.

Industrial product prices declined 0.4 percent over the month in August. Prices for coal and oil products slumped 4.5 percent, with chemical product prices sliding 0.3 percent. Enditem