South Korea's producer prices rose to a four-year high in July as the worst heat in recent years hurt the farming sector, central bank data showed Tuesday.
The producer price index, a barometer of future consumer inflation, reached 104.8 last month, up 0.4 percent from a month earlier, according to the preliminary data from the Bank of Korea. From a year earlier, it rose 2.9 percent to extend its positive streak to 21 straight months from November 2016.
 |
(Yonhap) |
The July figure was the highest reading since September 2014, when the index touched 105.19.
The index of agricultural products jumped 7.9 percent on-month in July as crop production was spurred by the recording-breaking hot spell. The heat also pushed up prices of marine products by 3.5 percent last month.
This summer, South Korea has been experiencing record-breaking high temperatures. The daytime temperature of the country's capital reached a record 39.6 C on Aug. 1, while some regions saw the mercury surpass 40 C.
At the same time, prices of industrial goods, petrochemicals and gas gained 0.3 percent on-month last month amid an upside crude oil price trend.
The price index for the service sector edged up 0.1 percent on a rise in hotel prices in peak summer vacation season. (Yonhap)
