Tangerines Increase by 32%, Cabbage by 26% in February as Producer Prices Rise for Third Consecutive Month.

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Last month, producer prices, especially for agricultural products such as fruits and vegetables, rose for three months in a row.

According to data from the Bank of Korea on the 22nd, the producer price index was 122.21 in February, up 0.3% from 121.83 in January.

Compared to the previous month, it has been growing for three months: in December of last year, by 0.1%, in January of this year, by 0.5%.

It was up 1.5% from a year ago in February 2023, and has risen year-over-year for 7 consecutive months since August last year.

Looking at the changes in commodity prices compared to the previous month, producer prices in agricultural products increased by 2.6%, in marine products by 2.1%, in coal and oil products by 3.3%, in services – by finance and insurance – by 0 by 6%.

On the contrary, livestock products became cheaper by -2.4%, and electricity, gas, water, waste – by -0.9%.

Among detailed products, the growth rate was high for mandarin: 31.9%, cabbage: 26.3%, rockfish: 57.9%.

The Bank of Korea noted. “For agricultural products, 2.6% for agricultural, forestry and fishery products, the rate of growth is down from 8.3% in January, when there was holiday demand, but it is still not at a low level. “Fruits such as apples have increased in price because there is a small amount of storage that is being released,” they said.

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