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Producer prices up for 12th month in October amid high energy prices

This photo, taken Oct. 31, shows gas prices at a filling station in Seoul. (Yonhap)
This photo, taken Oct. 31, shows gas prices at a filling station in Seoul. (Yonhap)
South Korea's producer prices grew for the 12th straight month in October as a rise in oil and energy prices drove up the costs of factory products, central bank data showed Friday.

The producer price index, a major barometer of consumer inflation, stood at 112.21 in October, up 0.8 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

The reading marked the 12th consecutive month of a rise.

Compared with a year earlier, it also jumped 8.9 percent, the steepest gain since October 2008 when it grew 10.8 percent on-year.

The rise stemmed from high prices of commodities, including oil and coal, which drove up the costs of manufactured products.

The data showed that prices of factory products rose 1.8 percent in October from a month earlier, the 17th straight month of an increase.

Crude oil prices have been on the rise as demand mounts amid recovery of major pandemic-hit economies.

A central bank official said that oil price hikes will likely slow this month given its recent price trends, which is expected to add less upward pressure on producer prices.

Meanwhile, prices of fishery, forest and farming products dropped 4.7 percent over the same period, the data showed. (Yonhap)
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