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Producer prices rise 0.9% in January

Bank of Korea headquarters in central Seoul. (Yonhap)
Bank of Korea headquarters in central Seoul. (Yonhap)
South Korea's producer prices rose 0.9 percent on month in January, supported by a modest rise in prices of farm goods and energy, central bank data showed Friday.

The producer price index, a barometer of future consumer inflation, stood at 104.88 in January, compared with 103.90 a month earlier, according to the Bank of Korea (BOK).

The index gained 0.8 percent from the previous year, the BOK data showed.

The prices of agricultural goods gained 7.9 percent on-month in January, compared with a 5.9 percent rise in December last year.

Last month, the prices of livestock and fishery goods rose 11.8 percent and 1.2 percent, respectively, from the previous month, the BOK said.

South Korea's inflationary pressure has remained weak due mainly to low oil prices and the COVID-19 pandemic.

Consumer prices climbed 0.6 percent on-year in January on a rise in prices of farm goods. But they are still below the BOK's 2 percent inflation target over the medium term.

Last month, the BOK froze the key interest rate at a record low of 0.5 percent after cutting a total of 75 basis points last year amid the virus outbreak. (Yonhap)

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