South Korea’s producer prices fallMay 8th, 2012 - 3:28 pm ICT by IANS
Seoul, May 8 (IANS) South Korea’s producer prices fell for the first time in five months in April due to a decline in farm goods prices, the central bank said Tuesday.
The producer price index (PPI), a barometer of future consumer price inflation, dipped 0.1 percent in April from a month earlier, down from a 0.6 percent on-month advance tallied in the previous month, according to the Bank of Korea (BOK).
The producer prices retreated for the first time since November 2011 when the prices slid 0.2 percent. From a year before, the producer prices gained 2.4 percent in April after registering a 2.8 percent on-year climb in March, reported Xinhua.
The on-month fall was mainly attributed to prices of agricultural, livestock and fishery products that dropped 3.5 percent last month on a monthly basis. Vegetable prices plunged 6 percent in April compared with the previous month, with those for fruits and livestock products declining 2.6 percent and 2.9 percent respectively.
Manufactured goods prices rose 0.2 percent on-month in April, down from a 0.7 percent on-month gain tallied in the previous month. Prices for primary metals declined, but petroleum product prices advanced amid higher oil prices.
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Tags: agricultural livestock, barometer, bok, consumer price inflation, decline, fishery products, five months, fruits, livestock products, metals, oil prices, petroleum product, producer price index, producer price index ppi, producer prices, seoul, south korea, vegetable prices, xinhua