Heat wave pushes producer prices to 5-year high in Sept.

Korea’s producer prices continued to move upwards, posting a more-than-five-year high in September due to the record-breaking heat wave in the summer months, central bank data showed Tuesday.

The producer price index, a barometer of future consumer inflation, reached 105.78 in September, up 0.3 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

On a year-on-year basis, it rose 2.7 percent to extend its positive streak to 23 straight months from November 2016.

The monthly figure marked the highest level since August 2013, when the index reached as high as 105.81.

Prices of agro-fishery products gained 1.5 percent on-month to reach a record 136.57 as the worst hot spell in the summer undermined crop production and pushed up prices of agricultural goods.

At the same time, prices of industrial goods, petrochemicals and gas gained 0.3 percent on-month last month amid an upturn in crude oil prices.

Yonhap