WORLD S.Korea's producer price falls in March on cheaper crude oil

WORLD

S.Korea's producer price falls in March on cheaper crude oil

Xinhua

15:28, April 22, 2020

SEOUL, April 22 (Xinhua) -- Price for goods and services among South Korean suppliers fell last month on cheaper crude oil, central bank data showed Wednesday.

The producer price index (PPI) stood at 102.89 in March, down 0.8 percent from the previous month, according to the Bank of Korea (BOK). From a year earlier, the index slipped 0.5 percent.

It was ascribed to a sharp fall in global crude oil price. Dubai crude, South Korea's benchmark, averaged 33.71 U.S. dollars per barrel in March, down from 54.23 dollars in February.

Price for industrial products declined 1.4 percent in March from a month earlier due to lower crude oil price. Price for coal and oil products tumbled 19.9 percent, with chemical products price sliding 1.2 percent.

DRAM memory chip price gained 3.1 percent in the month, and price for liquid crystal display (LCD) panels climbed 6.9 percent.

Price for agricultural, livestock and fishery products added 1.2 percent last month as people increased the purchase of food ingredients.

People refrained from outside activity, such as shopping, travel and eating out, on the fear of the COVID-19 infection.

Services price fell 0.3 percent in March from a month earlier. Price for resort condominium and domestic air services retreated in double digits.

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(Photo: Agencies)

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