S. Korea's producer price index hit highest level in nearly four years



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Local farmers were hit hard by the record heatwaves this summer.
The sizzling conditions led to spike in prices of meat and produce, which in turn raised overall producer prices.
Kim Hyesung has the full story.
Korea's producer prices hit a four-year high in the month of August.
The Bank of Korea says, the producer price index, a barometer of future inflation, reached 105-point-43 in August, up half-a-percent on-month... to hit its highest level since August 2014's 105-point-57.
Compared to the same period last year, the index is up three percent.
The price of agricultural goods jumped over 18 percent in August, making it the biggest on-month jump since September 2010...as vegetable production was hit by the hot weather.
Prices of watermelons went up by 50 percent, cabbage 91 percent and spinach... a whopping 223 percent.
Livestock prices also went up three-point-five percent , with egg prices jumping near 36 percent... while prices of marine products dropped by about four percent on-month.
Prices of industrial goods, electricity and gas edged up zero-point-one-percent.
The price index for the services sector also went up zero-point-one percent on-month on higher restaurant and hotel prices during the summer vacation season.
Kim Hyesung, Arirang News.

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