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South Korea's producer prices rise for 4 months

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Staff Writer | December 21, 2016
Producer prices in South Korea rose for four months in a row, heralding higher headline inflation, central bank data showed.
Korea workers
Asia   The producer price index stood at 99.90
The producer price index (PPI) stood at 99.90 in November, up 0.4 percent from the previous month, according to the Bank of Korea (BOK).

The index gained for four straight months, rising to the highest level in 14 months. The higher price for goods and services among suppliers heralded faster increase in consumer price inflation in the near future.

The PPI continued to rise as industrial products and oil products went higher amid rising global crude oil prices.

Prices for industrial goods gained 0.7 percent, with those for coal and oil products rising 0.4 percent. Prices for primary metal advanced 1.9 percent, with those for electric and electronic products climbing 1.7 percent.

Prices for agricultural and livestock products declined 4.9 percent and 3.0 percent respectively in November compared with the previous month.

Prices for electricity, natural and tap water gained 1.9 percent on higher city gas charges, but services prices were almost unchanged from the prior month.

Food prices declined 1.2 percent, with prices for fresh food, including vegetables and fruits, sliding 4.9 percent. But, energy prices gained 1.5 percent in November on a monthly basis.