Producer prices post fastest rise in 4 years in March on oil cost surge: BOK

Korea's producer prices rose at the fastest pace in about four years in March, driven by higher petroleum and chemical product prices amid rising global oil costs, central bank data showed Wednesday. The producer price index (PPI), a key gauge of future consumer inflation, climbed 1.6 percent from a month earlier to 125.24 last month, according to the preliminary data from the Bank of Korea (BOK). It marked the sharpest monthly increase since April 2022, when the index also rose 1.6 percent, extending its upward trend since September. From a year earlier, producer prices rose 4.1 percent in March, the fastest pace of growth since February 2023. Producer prices are a key indicator of future inflation trends, as they influence the prices businesses charge consumers in the months ahead. The increase came as prices of industrial goods jumped 3.5 percent month-on-month in March, driven by a 31.9 percent surge in coal and petroleum products, and a 6.7 percent rise in chemical products. In contrast, prices of agricultural, livestock and fisheries products fell 3.3 percent month-on-month, while se

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