South Korea's producer prices hit highest level in more than 5 years in Sept.: BOK
- 5 years ago
South Korea's producer prices hit a high not seen in more than five years in September.
The nation's central bank says this summer's extremely hot weather affected the selling prices received by domestic producers.
Ko Roon-hee explains.
Data released by Korea's central bank hints that consumer prices will rise in the coming months.
The Bank of Korea revealed Tuesday… that last month's producer price index, a key barometer of future inflation, hit its highest level since August 2013.
September's index hit 105-point-78…which is 0-point-3 percent higher than the previous month.
This is a 2-point-7 percent increase from the same period last year… and extends the on-year streak of gains to a 23rd straight month.
In particular, producer prices of agricultural goods rose 1-point-6 percent compared to the previous month…mainly because of the record heatwave this summer.
In August, temperatures in Seoul sizzled at an 111-year high and the intensity of the heat wave led to supply shortages.
Prices of tomatoes soared by a whopping 96-point-7 percent and bell peppers jumped by 92-point-6 percent over the same period.
The overall producer price index for agricultural, forestry and marine products marked its highest point since related figures were first compiled in 2000.
Meanwhile,... prices of manufacturing products rose by 0-point-3 percent on-month...due to rising international oil prices.
Coal and petroleum products prices increased by 3-point-4 percent.
The Bank of Korea added the prices of utilities -- electricity, gas and water -- also spiked one-point-five percent because the government's revision to the progressive electricity billing rates only came into effect in August.
Ko Roon-hee, Arirang News.
The nation's central bank says this summer's extremely hot weather affected the selling prices received by domestic producers.
Ko Roon-hee explains.
Data released by Korea's central bank hints that consumer prices will rise in the coming months.
The Bank of Korea revealed Tuesday… that last month's producer price index, a key barometer of future inflation, hit its highest level since August 2013.
September's index hit 105-point-78…which is 0-point-3 percent higher than the previous month.
This is a 2-point-7 percent increase from the same period last year… and extends the on-year streak of gains to a 23rd straight month.
In particular, producer prices of agricultural goods rose 1-point-6 percent compared to the previous month…mainly because of the record heatwave this summer.
In August, temperatures in Seoul sizzled at an 111-year high and the intensity of the heat wave led to supply shortages.
Prices of tomatoes soared by a whopping 96-point-7 percent and bell peppers jumped by 92-point-6 percent over the same period.
The overall producer price index for agricultural, forestry and marine products marked its highest point since related figures were first compiled in 2000.
Meanwhile,... prices of manufacturing products rose by 0-point-3 percent on-month...due to rising international oil prices.
Coal and petroleum products prices increased by 3-point-4 percent.
The Bank of Korea added the prices of utilities -- electricity, gas and water -- also spiked one-point-five percent because the government's revision to the progressive electricity billing rates only came into effect in August.
Ko Roon-hee, Arirang News.