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S.Korea's producer prices retreat for 3 months in June

07-09-2012 13:13 BJT

SEOUL, July 9 (Xinhua) -- South Korea's producer prices retreated for three straight months last month due to continued fall in prices for crude oil and farm products, the central bank said Monday.

The producer price index (PPI), a barometer of future consumer price inflation, declined 1.4 percent in June from a month earlier, according to the Bank of Korea (BOK).

The June figure was down from a 0.6 percent fall in May, keeping their on-month decline for three months in a row. From a year before, the prices rose 0.8 percent last month, down from a 1. 9 percent gain in May.

The on-month fall was attributed to falling global oil prices and a drop in fruit and vegetable prices. Dubai crude, South Korea ' s benchmark, averaged 94.38 U.S. dollars a barrel in June, down 12.1 percent from the previous month.

Manufactured goods prices slid 1.6 percent on-month in June, down from a 0.7 percent fall in May. A fall in oil prices was passed through to the prices for petroleum, chemical products that tumbled 4.9 percent and 5.4 percent respectively.

Prices for agricultural, livestock and fishery products plunged 5.9 percent on-month in June, down from a 1.6 percent decline in May. Vegetable and fruit prices plummeted 12.3 percent and 9.9 percent each, with prices for fishery products declining 2. 6 percent.

Service prices were down 0.2 percent in June from a month earlier after falling 0.1 percent in May. Prices for transport and

financial services dipped 0.5 percent and 0.7 percent each last month, driving down the overall service prices.

Prices for electricity, water and gas was up 0.1 percent on- month in June, a turnaround from a 0.7 percent fall tallied in May.

Editor:Zhang Jianfeng |Source: Xinhua

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