South Korea Producer Prices Edge Up 0.1% in Nov on Utility Gains

Seoul, South Korea - The Bank of Korea released preliminary data on Tuesday showing that South Korea's producer prices rose 0.1% in November compared to the previous month and 1.4% compared to last year.

The Producer Price Index (PPI) reached 119.11 in November, continuing an upward trend that saw the index climb from 119.01 in October, with 2020 as the base year.

The electric power, gas, water, and waste sectors led monthly gains with a 2.3% increase, followed by manufacturing products at 0.1%.

Agricultural, forestry, and marine products declined 3.6%, while services slipped 0.1%.

Among manufacturing categories, food products and beverages rose 0.3%, while coal and petroleum products increased 1.6%.

Chemical products remained unchanged, and basic metal products declined 0.1%.

In the services sector, accommodation and food services increased by 0.2%, while financial and insurance activities fell by 1.0%.

Information, telecommunication, and broadcasting services remained stable.

The Domestic Supply Price Index, which measures price changes in goods and services supplied to the domestic market, increased 0.6% month over month and 1.8% year over year in November.

The Total Output Price Index, which measures changes in the prices of goods and services produced by domestic producers, also rose 0.6% from the previous month and increased 2.8% compared to last year.

In the domestic supply chain, raw materials prices increased by 1.8% monthly, intermediate goods and services rose 0.6%, and final goods and services edged up 0.1%.

The Bank of Korea noted that all indexes are preliminary and may be revised next month.