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Producer prices up for 10th month in August

Economy 06:00 September 24, 2021

SEOUL, Sept. 24 (Yonhap) -- South Korea's producer prices gained 0.4 percent on-month in August due to a modest rise in prices of food and energy, extending their monthly gains for the 10th straight month, central bank data showed Friday.

The producer price index, a barometer of future consumer inflation, stood at 110.72 in August, compared with 110.28 a month earlier, according to the Bank of Korea (BOK).

The July index advanced 7.3 percent from the previous year, the BOK data showed.

The prices of agricultural goods rose 2.1 percent on-month in August, and the prices of livestock goods also gained 1 percent from the previous month, the BOK said.

This undated file photo shows people shopping for groceries at a discount store in Seoul. (Yonhap)

In August, consumer prices rose more than 2 percent for the fifth straight month due to high prices of farm and oil products, indicating a continued build-up of inflationary pressure amid an economic recovery.

The consumer prices rose 2.6 percent in August from a year earlier, the same growth as the previous month, according to the government data.

Core inflation, which excludes volatile food and oil prices, rose 1.3 percent on-year in August.

The country's price pressure has been under upward pressure as the economic recovery accelerates.

The Bank of Korea (BOK) recently raised its 2021 inflation outlook to 2.1 percent from its earlier estimate of 1.8 percent. The BOK aims to keep annual inflation at 2 percent over the medium term.

kdh@yna.co.kr
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