Spinach prices soar by 170%, Chinese cabbage prices by 50%... Producer prices rise for the second consecutive month = South Korean reports

Abnormal weather during the summer caused prices of agricultural and livestock products such as spinach, Chinese cabbage, and pork to soar, leading to producer prices rising for the second consecutive month.
The Bank of Korea announced on the 21st that the July producer price index was 120.2 (2020 = 100).
The index (which is defined as the index of the United States, or the US dollar) rose 0.4% from the previous month's 119.77, marking the second consecutive month of increases following a 0.1% increase in June. Compared to the same month last year, it rose 0.5%, maintaining the same increase as the previous month.
Producer prices are the prices at which producers sell to companies and wholesalers, and are reflected in consumer prices with a time lag. By item, agricultural products, including agricultural products (8.9%) and livestock products (3.8%), account for 10.2% of the total.
Forestry and fishery products increased by 5.6% compared to the previous month. In terms of specific items, the largest increases were in spinach (171.6%), Chinese cabbage (51.7%), beef (6.5%), and pork (4.2%).
Other seafood products such as other fish (11.3%) and flounder (9.3%) also saw price increases. Lee Moon-hee, head of the price statistics team at the Bank of Korea, said, "Spinach and Chinese cabbage are likely to rise due to abnormal weather conditions such as the extreme heat and heavy rains in July.
"Demand for beef and pork increased during the summer holidays, but the extreme heat also led to a supply shortage, which caused prices to rise," he said.
"Compared to the same period last year, there were many more days of extreme heat in July, which helped prices to remain high," he added. Prices in the service industry also rose 0.4% compared to the previous month, leading to an increase in producer prices overall.
The main industries that saw increases were tourism accommodation (49.0%), recreational condominiums (24.1%), and brokerage commissions (6.2%).
Industrial products such as coal and petroleum products (2.2%) and computer, electronic and optical equipment (0.6%) rose in price, increasing by 0.2% compared to the previous month.
Power, gas, water and waste disposal charges fell 1.1% compared to the previous month, affected by declines in residential electricity (down 12.6%) and other factors.
The increase in producer prices due to the distribution of "Consumption Coupons for the Recovery of Livelihoods" that began on the 21st of last month is not clear.
"The consumption coupons were only distributed in late July, so it's difficult to gauge whether they have had an impact (on prices)," said Lee, adding, "It could affect expectations of increased demand."
Domestic supply prices, which measure price fluctuations of goods and services supplied domestically, including imported goods, increased from the previous month.
The price of raw materials (4.6%), intermediate goods (0.4%), and final goods (0.5%) all rose. The total output index, which shows the overall price of domestically produced goods, including domestic shipments and exports, rose 0.8%.
Prices rose 0.6% compared to the previous month. Prices for electricity, gas, water and waste (down 1.1%) fell, but prices for industrial products (down 0.6%) rose.