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Producer prices up for 4th month in February

All News 06:00 March 24, 2021

SEOUL, March 24 (Yonhap) -- South Korea's producer prices rose 0.8 percent on-month in February on a modest rise in oil prices, extending their monthly gains for the fourth straight month, central bank data showed Wednesday.

The producer price index, a barometer of future consumer inflation, stood at 105.85 in February, compared with 105.05 a month earlier, according to the Bank of Korea (BOK).

The index gained 2 percent from the previous year, the BOK data showed.

The prices of agricultural goods gained 5.1 percent on-month in February, and the prices of livestock and fishery goods rose 2 percent and 0.2 percent, respectively, from the previous month, the BOK said.

The prices of coal and petroleum products reported a 7.2 percent on-month gain last month.

South Korea's inflationary pressure has remained weak due mainly to low oil prices and the COVID-19 pandemic.

Consumer prices climbed 1.1 percent on-year in February on a rise in prices of farm goods. But they are still below the BOK's 2 percent inflation target over the medium term.

Last month, the BOK froze the key interest rate at a record low of 0.5 percent after cutting a total of 75 basis points last year amid the virus outbreak.

The file photo shows eggs displayed at a supermarket in Seoul on March 1, 2021. (Yonhap)


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