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S. Korea's producer prices retreat for 4 months

08-10-2012 15:45 BJT

SEOUL, Aug. 10 (Xinhua) -- South Korea's producer prices retreated for four straight months last month due to continued fall in oil product prices, the central bank said Friday.

The producer price index (PPI), a barometer of future consumer price inflation, declined 0.5 percent in July from a month earlier, according to the Bank of Korea (BOK).

The July figure was higher than a 1.4 percent on-month drop for June, but the producer prices kept its negative growth for four months in a row.

From a year before, the prices fell 0.1 percent in July, down from a 0.8 percent gain tallied in the previous month.

The on-month fall was mainly attributed to falling prices in petroleum product prices.

Manufactured goods prices slid 0.8 percent on-month in July, but the reading was higher than a 1.6 percent on-month decline in June. Prices for oil and chemical products retreated 2.5 percent and 1.7 percent each last month on an on-month basis, but the falling pace was slower than the previous month.

Prices for agricultural, livestock and fishery products rose 0. 2 percent on-month in July, a turnaround from a 5.9 percent plunge tallied in June. Prices for fruits and livestock products declined 4.6 percent and 2.9 percent each, but vegetable prices jumped 9.5 percent last month, up from a 12.3 percent slide for June.

Service prices were up 0.2 percent in July from a month earlier after falling 0.2 percent in June. Transport service prices gained 0.5 percent on-month in July, picking up from a 0.5 percent fall tallied in the previous month.

Prices for electricity, water and gas were up 0.1 percent on- month in July, unchanged from the figure for June.

 

 

Editor:James |Source: Xinhua

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