Producer prices in South Korea during January increased at the slowest rate in 17 months on a sharp fall in the cost of fruit and vegetables.
According an official report released yesterday, the cost of fruit fell by around 20 per cent during January compared to the same time last year, while the price of vegetables slid by 14 per cent.
Korea’s Yonhap news service reported the slow down in producer prices might assuage persisting concerns over inflation that have become a major concern for the country’s government.
The lower cost of fresh produce appears to have been short lived, however, with some of the coldest weather to hit the country in decades driving up prices.
The Arirang news service reported persistent cold weather has reduced fresh produce supplies, raised transport costs due to an increased demand for oil and pushed up the cost of cultivation.
As a result the news service stated the cost of fruit and vegetables in the country has spiked by as much as 50 per cent.
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