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Producer prices up 0.9% in Aug. amid higher oil prices

By Yonhap

Published : Sept. 20, 2023 - 09:27

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Fruits are displayed at a supermarket in southern Seoul on Sept.17. (Yonhap) Fruits are displayed at a supermarket in southern Seoul on Sept.17. (Yonhap)

South Korea's producer prices expanded 0.9 percent on-month in August on the back of higher global oil prices, the central bank said Wednesday.

The producer price index, a major barometer of consumer inflation, came to 121.16 last month, up from 120.08 tallied in July, according to the data from the Bank of Korea. From a year earlier, it rose 1 percent.

It marked the sharpest on-month growth since a 1.6 percent rise tallied in April 2022.

Producer prices are one of the key indicators that determine the trajectory of inflation, as they influence the prices that businesses will charge to consumers in the months ahead.

South Korea's consumer prices, meanwhile, rose 3.4 percent on-year in August amid higher prices of agricultural and manufactured goods. It was the highest on-year rise since the 3.7 percent growth tallied in April.

Core inflation, which excludes volatile food and energy prices, rose 3.3 percent on-year in August, expanding at the same margin as July. (Yonhap)