On Wednesday, the Bank of Korea reported that South Korea’s producer prices rose 0.9 percent in August compared to the previous month, due to increased global oil costs. The producer price index for August was 121.16, a 1 percent increase from the same period last year. This was the highest monthly growth rate since April 2022.
Producer prices are a key factor in predicting inflation, as they affect the prices businesses charge consumers. In August, South Korea’s consumer prices increased 3.4 percent compared to the same period in the previous year, the highest rate since April. Excluding food and energy, core inflation was 3.3 percent in August, the same as in July.
Fruits are displayed at a supermarket in southern Seoul on Sept. 17, 2023. (Yonhap)
colin@yna.co.kr
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