Prices in South Korea among producers supplying goods and services rose for a third straight month last month due to higher crude oil prices, central bank data showed on Tuesday.
The producer price index (PPI), which is reflected in consumer prices with a certain time gap, stood at 99.01 in June, up 0.2 percent from the previous month, according to the Bank of Korea (BOK). It was the third consecutive month of gain after rising 0.3 percent in April and 0.1 percent in May each. The upward momentum followed higher crude oil prices. Dubai crude, South Korea's benchmark, averaged 46.3 U.S. dollars per barrel in June, up from 35.2 dollars in March.
Industrial goods prices gained 0.5 percent in June from a month earlier. Prices for coal and oil products advanced 4.3 percent, with primary metal product prices climbing 1.9 percent. Prices for chemical products and electronics fell 0.4 percent and 0.1 percent each. Farm goods prices declined 1.7 percent. Agricultural products tumbled 7.6 percent on lower vegetable prices, but those for livestock and fishery products increased 5.9 percent and 1.2 percent respectively. Food and beverage prices inched up 0.4 percent, and fresh food prices such as vegetables plunged 7.6 percent. But, energy prices added 1.6 percent on higher oil prices.
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