Korea's PPI rises at steepest rate in more than decade on commodity price surge

South Korea’s producer prices extended gains for the 11th straight month in September, showing the fastest on-year growth of 7.5% in 10 years and 5 months due to higher production costs from global oil and commodity price hikes. Bank of Korea data showed Thursday that Korea’s producer price index in September came to 111.13, a new record after breaching records for 5 straight months and gaining 0.2% on month. Prices of coal and oil products jumped 2.1%, chemical and metal products 0.4%, and utility costs 2.0%. Livestock and fishery product prices were up 0.6% and 0.6%, respectively, but prices of fishery, forest and farming products dipped 0.8 % and agricultural products 2.0%. Domestic supplier index that includes prices of imported goods was up 0.3% on month.

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