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South Korea's PPI for 2 months on surging farm goods prices

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Staff Writer | September 19, 2017
Prices for goods and services among South Korean suppliers rose for two months in a row on surging farm goods prices, central bank data showed.
South Korea's PPI
Asia   Fishery product prices shed 1.8 percent
The producer price index (PPI) stood at 102.20 in August, up 0.3 percent from a month earlier, according to the Bank of Korea (BOK). It followed a 0.1 percent gain in the previous month.

Farm goods prices posted a sharp rise last month, raising the overall producer prices.

Prices for agricultural, livestock and fishery products advanced 4.5 percent in August from a month ago. Agricultural product prices surged 14.2 percent, marking the fastest pace in almost seven years.

Tomato prices more than doubled in August, with the figure for Chinese cabbage surging 55.3 percent.

The scorching heat and heavy rain during the summer season led to lower crops, raising the farm goods prices.

Livestock product prices declined 2.5 percent in August from a month ago, with those for chickens and eggs falling 12.9 percent and 13.9 percent respectively.

Fishery product prices shed 1.8 percent, with those for crabs and frozen blue crabs logging a double-digit decline.

Prices for industrial products gained 0.3 percent. Those for coal and oil products advanced 3.2 percent on expensive crude oil, with those for the primary metal products gaining 0.6 percent.

Services prices among suppliers were unchanged in August from a month earlier. Those for restaurant and lodging services rose 0.3 percent, but those for finance and insurance retreated 1.9 percent.