Producer prices up in Jan. on spike in electricity costs

producer price-January

Producer prices up in Jan. on spike in electricity costs

SEOUL, Feb. 23 (Yonhap) -- South Korea's producer prices rose in January, driven in part by soaring electricity costs, central bank data showed Thursday.

The producer price index, a major barometer of consumer inflation, increased 0.4 percent in January from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

On a yearly basis, the index rose 5.1 percent.

The rise is blamed on a 10.9 percent increase in electricity costs.

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

In January, the country's consumer prices rose 5.2 percent on-year, accelerating from a 5 percent increase tallied for the previous month.

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