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Producer Prices Drop in October after Climbing for 3 Months

Written: 2023-11-21 09:09:26Updated: 2023-11-21 09:31:50

Producer Prices Drop in October after Climbing for 3 Months

Photo : YONHAP News

Producer prices fell for the first time in four months in October due to a decline in the prices of agricultural and livestock products.

The Bank of Korea said on Tuesday that the producer price index for all commodities and services dropped zero-point-one percent from a month earlier to stand at 121-point-59 in October.

The index, a key barometer of future inflation, climbed for three straight months through September due to rising global oil prices. From a year ago, the index was up zero-point-eight percent.

Prices of agricultural, forestry and fishery products dropped five-point-five percent on-month, while prices of industrial goods gained zero-point-one percent.

Service industry prices increased zero-point-one percent, with transportation prices rising zero-point-five percent and prices in the foodservice and lodging industries climbing zero-point-three percent.

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