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Producer prices up for fourth month in February over oil price hikes: BOK

Published: 21 Mar. 2025, 09:45 Updated: 21 Mar. 2025, 13:48

A customer shops at a major discount chain store on March 12. [YONHAP]

Korea's producer prices rose slightly from a month earlier in February on a recent hike in global oil prices, central bank data showed Friday.

The producer price index, a major barometer of consumer inflation, reached 120.33 last month, up from 120.27 a month earlier, according to preliminary data from the Bank of Korea (BOK). It marks the fourth consecutive month of increase.

On a yearly basis, the index rose 1.5 percent last month, marking the 19th consecutive month of an on-year increase.

Producer prices are one of the key indicators that determine the trajectory of inflation, as they influence the prices businesses charge consumers in the months ahead.

The price growth came as the average price of Dubai crude, Korea's benchmark, gained 9.8 percent from the previous month in January, reaching $80.41 per barrel. Oil price hikes typically affect producer prices with a time lag, officials said.

The domestic supply price index, which is calculated based on producer prices and import prices, climbed 0.2 percent on-month last month, which marked the fifth monthly rise in a row, the data showed.

Yonhap