South Korea producer prices snap decline in November on upbeat manufacturing sector

Producer prices in South Korea snapped its downtrend during the month of November, rising on an upbeat manufacturing sector, followed by agriculture, forestry and marine products.

South Korea’s producer price index rose 0.7 percent year-over-year in November, reversing a 0.1 percent drop in October. In September, prices had fallen 1.1 percent, data released by the Bank of Korea (BoK) showed Tuesday.

Prices for manufacturing industry products grew 0.5 percent annually in November and those of agriculture, forestry and marine products surged by 8.1 percent. At the same time, the price index for utility products registered a decline of 6.4 percent.

Month-on-month, producer prices climbed 0.4 percent from October, when it increased by 0.3 percent. The domestic supply price index went up 1.0 percent in November from a year ago and grew 1.5 percent from October.

Meanwhile, total output price index rose 1.3 percent each annually and monthly in November.