S. Korea Posts 0.4 Percent Rise in September Producer Prices
(MENAFN) Prices for goods and services among South Korean suppliers rebounded last month, fueled by significant hikes in residential electricity and industrial natural gas rates, official data released Wednesday revealed.
The Bank of Korea (BOK) reported that the producer price index (PPI) increased 0.4 percent in September from August, reversing a 0.1 percent decline recorded the previous month.
Energy costs were the primary driver, with prices for electricity, natural gas, and tap water rising 1.1 percent month-on-month after remaining flat in August. This shift was mainly due to a 14.4 percent surge in residential electricity rates and a 5.8 percent rise in industrial gas charges during September.
Meanwhile, prices for agricultural, livestock, and fishery products edged up 0.4 percent last month, a notable slowdown from a 3.4 percent jump in August.
Producer prices for industrial goods, including oil products, grew by 0.2 percent in September following no change in August.
This uptick in supplier costs underscores mounting inflationary pressures linked to energy price adjustments in South Korea’s economy.
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