Korea’s producer price index up in December 2023

Strawberries [Photo by Yonhap]

South Korea’s producer prices rose for the first time in three months in December 2023 as agricultural products and industrial city gas prices rose.

According to data released by the Bank of Korea (BOK) on Tuesday, the country’s producer price index (PPI), a key barometer of future inflation, was 121.19 in December 2023, up 0.1 percent from the previous month after declining for two consecutive months in October and November 2023. The year-on-year increase rate was 1.2 percent, a fifth consecutive month of increases.

By item, agricultural, forestry, and fishery product prices rose 4.9 percent to lead a month-on-month increase, according to the data. Fruit prices increased significantly, including strawberries, which were dubbed “golden strawberries” due to their recent price surge. Strawberries (154.1 percent), apples (17.4 percent), squid (42.6 percent), flash memory (11.8 percent), and hotels (8.9 percent) all saw price increases while prices for beef (-6.0 percent), diesel (-7.1 percent), and gasoline (-5.4 percent) declined.