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Producer Prices Rise for 5th Month in April

Written: 2024-05-22 09:18:48Updated: 2024-05-22 09:48:16

Producer Prices Rise for 5th Month in April

Photo : YONHAP News

Producer prices rose for the fifth consecutive month in April due to an increase in the prices of services and industrial products and despite a fall in the prices of agricultural products. 

The Bank of Korea(BOK) said on Wednesday that the producer price index for all commodities and services rose zero-point-three percent from a month earlier to stand at 119-point-12 in April.

Compared to the same month last year, the index, a key indicator of future inflation, saw growth of one-point-eight percent as it showed year-on-year increases for the ninth consecutive month.

The rise is led by a zero-point-seven percent increase in the prices of industrial products and a zero-point-two percent growth in the prices of services. 

The prices of agricultural, forestry and fishery products, however, dropped three percent in April from a month earlier, although the producer price index for those products rose by eleven-point-six percent from a year earlier.

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