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South Korea’s producer prices rise for third month in February

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SEOUL, March 22 (Xinhua) — Prices of goods and services at South Korean suppliers rose for the third consecutive month in February due to higher prices of agricultural products and petroleum products, data showed Friday of the Central Bank.

The producer price index (PPI) increased by 0.3% in February compared to the previous month, after increasing by 0.5% in January and 0.1% in December last year, according to the Bank of Korea (BOK).

Prices of agricultural, livestock and fishery products among suppliers rose 0.8 percent in February on a monthly basis, continuing to rise for the third consecutive month.

Producer prices of industrial products, including petroleum products, rose 0.5 percent last month after rising 0.2 percent the previous month.

Prices of coal and petroleum products increased by 3.3 percent, and those of chemicals and primary metal products increased by 0.9 percent and 0.6 percent, respectively.

Producer prices for electricity, natural gas and tap water decreased by 0.9 percent in February compared to the previous month due to the lower price of natural gas for industrial use, the price fell 9.2 percent.

The price of services increased by 0.2% last month due to rising costs of financial, insurance and real estate services.

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