The Bank of Korea announces preliminary July producer price index
Fresh food prices rise due to adverse weather such as concentrated heavy rain
Rising international oil prices and semiconductor prices also push up prices, ‘[Edaily Jang Young-eun Reporter] Producer prices rose 0.3% last month, resuming an upward trend after a month. International oil prices rose, as did agricultural and fishery product prices and semiconductor prices. With the producer price index, considered a leading indicator of consumer prices, rebounding and seasonal risk factors such as typhoons, attention is focused on whether consumer prices will rise. ‘,
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, ‘ According to the Bank of Korea’s ‘July Producer Price Index (Preliminary)’ announced on the 21st, producer prices rose 0.3% from the previous month last month. Compared to the same period last year, it rose by 2.6%, continuing an upward trend for the 12th consecutive month. ‘,
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, ‘Agricultural and marine products rose by 1.6% from the previous month, with prices of agricultural products (1.5%), marine products (2.2%), and livestock products (0.4%) all rising. By product, among agricultural products, lettuce prices surged by 171.4% from the previous month, while cucumber prices jumped by 98.8%. Chicken prices rose by 3.8% due to seasonal demand increase, while prices of flatfish and halibut increased by 3.6% and 8% respectively. ‘,
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, ‘Im Eun-hee, head of the Price Statistics Team at the Bank of Korea’s Economic Statistics Bureau, stated in relation to the rise in agricultural and marine product prices, “If the production of fruits and other products increases this year, prices may stabilize,” adding, “We need to watch out for the impact of typhoons in August.” ‘,
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, ‘Prices of goods related to the increase in international oil prices and semiconductor demand, such as coal and petroleum products, rose by 2.8% from the previous month, while prices of computers, electronics, and optical equipment rose by 0.9%, leading industrial goods to rise by 0.3% compared to the previous month. Prices of petroleum products including diesel (5.1%) and gasoline (4.5%), as well as materials testing machines (12.9%) and DRAM (6.1%) from computers, electronics, and optical equipment, increased from the previous month. ‘,
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, ‘The service price index also rose. Transportation services fell by 0.2%, but restaurant and accommodation services (0.4%) and financial and insurance services (0.4%) rose, leading to an overall service price increase of 0.2% from the previous month. ‘,
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, ‘Electricity, gas, water, and waste decreased by 0.4% compared to June. Home electricity consumption, etc. dropped significantly by 12.2%, leading to a 0.4% decline. ‘,
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, ‘Producer core prices, excluding food and energy, rose by 0.2% from the previous month, continuing an upward trend for the seventh month. It increased by 2.5% compared to the same period last year, marking the 12th consecutive month of increase. ‘,
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, ‘The domestic supply price index, which measures price changes of goods and services supplied domestically (domestic shipments and imports), rose by 0.2% from the previous month and by 4.2% compared to the same period last year. Raw materials decreased by 0.5% compared to the previous month, but intermediate and final products rose by 0.3% and 0.2%, respectively. ‘,
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, ‘The total output price index, which represents the overall price of domestic products including agricultural, forestry, and fishery products, industrial goods, and services, rose by 0.4% from the previous month. This was influenced by increases in agricultural, forestry, and fishery products (1.5%), industrial goods (0.4%), and services (0.2%). It increased by 4.8% compared to the same month last year.’,
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