Korea's PPI climbs for the 10th mo, up 7.3% on yr, to add to inflationary pressure

[Photo by Park Hyung-ki]

South Korea’s producer prices strengthened for the 10th month in August led by rising prices of agricultural products and commodity goods. Bank of Korea data showed Thursday that Korea’s producer price index in August gained 0.4% on month and 7.3% on year to 110.72. Prices of agricultural products jumped 2.1%, livestock products 1%, and commodity 0.4%. Services prices added 0.3%, led by a rise in restaurant and accommodations and transportation prices. Domestic supplier index that includes prices of imported goods was up 0.9% on month with 3.2% increase in raw material prices. The all-around strengthening in prices from the supply end is expected to harden authorities in their battle to tame the inflation around the 2 percent target range.

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