September 22, 2023
South Korea’s producer prices increased by 1% year over year in August 2023, up from a downwardly revised 0.3 % drop the previous month. It indicated that increased oil prices were driving the greatest increase in factory gate pricing since April 2023. The cost of services (2.2 percent vs. 2.1 percent), agricultural, forestry, and marine products (3.6 percent vs. -1 percent in July), and electric power, water, and gas (+12.8 percent vs. +17.5 percent) also increased. For manufactured products, however, prices dropped more slowly (-1.5 percent vs. -4.2 percent). The producer price index increased by 0.9% on a monthly basis, which is the biggest figure since April 2022.
Source: Trading Economics
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