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South Korea February producer prices saw fastest growth in over 5 years

South Korea company
Asia   Korean February producer prices rose 0.3 percent

South Korean producer prices in February rose at the fastest pace in over five years, central bank data showed on Monday, as higher industrial goods prices paved the way for higher inflation in the future.


The producer price index (PPI) for February rose 4.2 percent over a year ago, the Bank of Korea said, up for a fourth month and at the fastest clip since a 4.3 percent gain in December 2011.

This accelerated from a revised 3.9 percent growth in January, which was higher than the previously reported 3.7 percent.

Industrial goods' producer prices led the growth among the sub-indices, jumping 6.9 percent on year, as coal and oil products drove prices.

On a monthly basis, February producer prices rose 0.3 percent, slowing from a revised 1.4 percent gain in January.

January's growth was earlier reported at 1.3 percent. Inflation in South Korea is currently near the central bank's 2 percent target, but the BOK has said it sees price pressures remaining near where they are at present as consumption is still soft.

 

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