S. Korea’s producer price falls in August

SEOUL, Sept. 24 (Xinhua) — Price for goods and services among South Korean suppliers turned downward last month due to lower price for oil and metal products, central bank data showed Tuesday.
The producer price index (PPI) fell 0.1 percent in August from a month earlier after rising 0.3 percent in the previous month, according to the Bank of Korea (BOK).
Producer price for industrial products, including oil products, went down 0.8 percent in August on a monthly basis, shifting downward from a growth of 0.3 percent in July and 0.1 percent in June.
Price for coal and oil products dropped 4.0 percent, with those for chemical and metal products sliding 0.6 percent and 1.5 percent each.
Price for agricultural, livestock and fishery products among suppliers jumped 5.3 percent last month, faster than an increase of 1.6 percent in the previous month.
The faster growth was attributable to soaring vegetable prices, affected by a record heatwave in summer.
Producer price for electricity, natural gas and tap water gained 1.2 percent in August compared to the prior month, marking the first rebound in three months.
Service price stood unchanged in the cited month as lower costs for the finance and insurance and the information, communication and broadcasting service offset higher costs for the eatery and lodging and the transport service. ■