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Financial News: South Korea Producer Prices Fall For Second Month

South Korea Producer Prices Fall For Second Month

09/23/2019 - 23:30:00 (RTTNews)

(RTTNews) - South Korea's producer prices decreased for the second straight month in August, data published by Bank of Korea revealed Tuesday.

Producer prices declined 0.6 percent year-on-year in August, following a 0.3 percent drop in July. The fall in July was the first in 33 months.

The latest annual decline was largely driven by a 11.7 percent drop in agricultural food prices. Prices of manufacturing products decreased 1.6 percent.

Partially offsetting these decreases, cost of services gained 1.2 percent and electric power, gas, water and waste prices advanced 2.7 percent.

On a monthly basis, producer prices rose 0.2 percent after remaining flat in July. This was the first increase in three months.

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