South Korea Jan producer prices rise at fastest clip in more than 5 years

[SEOUL] South Korea's producer prices in January climbed at their fastest annual pace in more than five years as items ranging from items from diesel fuel to eggs and other fresh food items soared.

The producer price index for January rose 3.7 per cent compared with a year ago, the Bank of Korea said, the fastest increase since December 2011 when it jumped 4.3 per cent. In December, the index climbed 1.8 per cent Prices of fresh eggs in January more than doubled from a year earlier following an outbreak of avian influenza virus.

Processed egg products and cabbages were up 67 per cent and 78 per cent, respectively.

Diesel prices jumped 59 per cent from a year earlier, while those of liquid crystal display (LCD) used to produce TVs increased 31 per cent.

In monthly terms, the index rose 1.3 per cent, the fastest pace in six years, compared with a revised 0.9 per cent in December.

REUTERS