S. Korea’s producer prices index slows 0.1% in August ’24

South Korea’s producer prices experienced a slowdown in August 2024, with the Producer Price Index (PPI) declining by 0.1 per cent month-on-month. However, on a year-on-year basis, the PPI increased by 1.6 per cent.

The decline in the PPI was primarily driven by a decrease in manufacturing product prices, which fell by 0.8 per cent month-on-month.

Meanwhile, prices for agricultural, forestry, and marine products rose by 5.3 per cent, and prices for electric power, gas, water, and waste increased by 1.2 per cent.

The Domestic Supply Price Index in August fell by 0.5 per cent month-on-month but remained 2.4 per cent higher compared to the same period last year.

The Total Output Price Index declined by 0.7 per cent month-on-month in August, while it increased by 2.6 per cent year-on-year.

Attribution: Bank of Korea’s preliminary report

Subediting: M. S. Salama