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South Korea producer prices fall for 4 months on cheaper oil

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Staff Writer | July 19, 2017
South Korea eggs
Asia   Cheaper oil

Prices for goods and services among South Korean suppliers fell for the fourth consecutive month on the back of cheaper crude oil, central bank data showed Wednesday.

The producer price index, which reflects consumer price inflation with a certain time gap, stood at 101.79 in June, down 0.4 percent from the previous month, according to the Bank of Korea (BOK).

The falling pace of the index accelerated for four months in a row due to lower crude oil prices.

Dubai crude, South Korea's benchmark, averaged $46.47 per barrel in June, down 8.4 percent from a month earlier.

Prices for industrial products shed 0.6 percent, with those for coal and oil products tumbling 4 percent.

The prices for primary metal and chemical products declined 1.5 percent and 0.7 percent each last month.

Prices for agricultural, livestock and fishery products dipped 1.2 percent. Agricultural product prices retreated 3.3 percent, with those for oriental melon, watermelon, napa cabbage and tomato posting a double-digit fall.

Livestock product prices slipped 1.8 percent.

Egg prices shed 0.8 percent, with chicken prices plunging 24.6 percent.

Fishery product prices gained 4.7 percent.

Services prices were unchanged in June from the previous month.

Prices for food and restaurant services as well as finance and insurance gained ground, but those for transport services declined last month.


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