Sun, 25 Sep 2022

S.Korea's producer price falls in August

Xinhua
23 Sep 2022, 16:55 GMT+10

SEOUL, Sept. 23 (Xinhua) -- Price for goods and services among South Korean suppliers fell last month due to lower oil products price, central bank data showed Friday.

The producer price index (PPI) came in at 120.12 in August, down 0.3 percent from the previous month, according to the Bank of Korea (BOK).

It marked the first slide in 22 months since October 2020 as cheaper crude oil led to a lower price for oil products.

Producer price for industrial products, including oil products, dipped 1.4 percent in August on a monthly basis after falling 0.7 percent in July.

Price for oil products tumbled 8.6 percent, and those for chemical and primary metal products retreated 2.4 percent and 1.1 percent respectively.

Price for agricultural, livestock and fishery products gained 2.5 percent, and price for electricity, natural gas and tap water advanced 3.6 percent last month.

Services price went up 0.3 percent on higher cost for the eatery and lodging services.

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