South Korea August producer prices fall at fastest rate in 16-1/2 years
[SEOUL] South Korea's producer prices fell in August at their sharpest annual pace in 16-and-a-half years on low energy prices and weak demand, central bank data showed on Friday, indicating benign consumer inflation ahead.
The producer price index (PPI) in August dropped 4.4 per cent from a year earlier, Bank of Korea data showed, marking the 13th month in a row that the index has fallen on a year-on-year basis and scoring the fastest annual decline since February 1999.
Price pressure eased in all major categories as global raw material costs stood far lower than a year before and as demand both at home and globally remained too weak to encourage producers to raise prices.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Israel concerned over possible ICC arrest warrants related to Gaza war
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
G7 reaches deal to exit from coal by 2035
US, Britain urge Hamas to accept Israeli truce proposal
Saudi Arabia says economic revamp momentum intact as plans shift
German inflation creeps up to 2.4% in April