South Korea’s producer prices grew at the fastest clip in three months in July due mainly to a hike in raw material prices and heavy rains, the central bank said Tuesday.

The producer price index, a barometer of future consumer inflation, rose 6.5 percent in July from a year earlier, compared with a 6.2 percent gain a month earlier, according to the Bank of Korea.

The July data marked the highest level since a 6.8 percent on-year expansion tallied in April, it added.

Compared with a month earlier, the producer price index inched up 0.4 percent last month, a turnaround from a 0.3 percent fall in June, affected by a rise in raw material prices.

The prices of industrial goods climbed 7.9 percent in July from a year ago, picking up from 7.7 percent on-year growth in June. The prices of chemical products jumped 22.5 percent last month, up from 21.8 percent on-year growth in June, the BOK said.

The prices of agricultural and fishery goods advanced 12.1 percent on-year in July, up from 9.4 percent growth in June mainly because of heavy rains.

Torrential rains and a long streak of rainy days led vegetable prices to soar 35 percent on-month in July, putting upward pressure on inflation.

The data came two days before the BOK’s policymakers hold a monthly rate-decision meeting. Despite high inflation woes, more market experts penciled in a rate freeze this week as global economic uncertainty heightened on fears about a global double-dip recession and a U.S. credit downgrade.

South Korea’s consumer prices jumped 4.7 percent in July from a year ago, accelerating from a 4.4 percent rise tallied the previous month.

The central bank froze the key rate at 3.25 percent last month on external economic risks after raising it in January, March and June. (Yonhap News)