S. Korea's January producer prices highest in over 3 years
- 6 years ago
Korea's producer prices for the month of January have hit their highest level in 3 years, with vegetable prices seeing the biggest increases.
The rise in producer prices suggests consumers may be seeing higher prices in the near future.
Our Park Hee-jun reports. Korea's producer prices have increased at the fastest pace in four months in January.
According to the Bank of Korea,... January's producer price index stood at 103-point-5, up 0-point-4 percent compared to the previous month and 1-point-2 percent on-year.
The index is at its highest since November 2014, and January saw the largest price increases since September last year.
Farm and fishery products saw the largest increase.
Their prices surged 2-point-5 percent from the previous month--hitting a 5 month high.
Agricultural products in particular jumped eight-point-seven percent, the largest jump since August last year, when they spiked 14-point-two percent.
Recent freezing temperatures and heavy snowfall helped lead to a drastic rise in fruit and vegetable prices.
Bell pepper prices rose 151 percent, green chillis 89 percent, and cucumbers 41 percent compared to December last year.
The producer price index is considered a barometer of inflation as it shows the wholesale price of goods and services,... which is a leading indicator of consumer prices.
It is expected that the continued increase in prices-- especially of vegetables-- ,... is unlikely to end in the near future.
Park Heejun, Arirang News.
The rise in producer prices suggests consumers may be seeing higher prices in the near future.
Our Park Hee-jun reports. Korea's producer prices have increased at the fastest pace in four months in January.
According to the Bank of Korea,... January's producer price index stood at 103-point-5, up 0-point-4 percent compared to the previous month and 1-point-2 percent on-year.
The index is at its highest since November 2014, and January saw the largest price increases since September last year.
Farm and fishery products saw the largest increase.
Their prices surged 2-point-5 percent from the previous month--hitting a 5 month high.
Agricultural products in particular jumped eight-point-seven percent, the largest jump since August last year, when they spiked 14-point-two percent.
Recent freezing temperatures and heavy snowfall helped lead to a drastic rise in fruit and vegetable prices.
Bell pepper prices rose 151 percent, green chillis 89 percent, and cucumbers 41 percent compared to December last year.
The producer price index is considered a barometer of inflation as it shows the wholesale price of goods and services,... which is a leading indicator of consumer prices.
It is expected that the continued increase in prices-- especially of vegetables-- ,... is unlikely to end in the near future.
Park Heejun, Arirang News.