Producer prices have been rising for four consecutive months due to the recent rise in raw material prices. In particular, the rise in the price of samgyeopsal, which is counted as the ‘No. 1 restaurant for Koreans,’ is not unusual.
According to the Bank of Korea on the 20th, the producer price index in April was 118.02 (2015 level of 100), 1.1% higher than in March (116.70). Compared to April of last year, a year ago, the rate of increase reached 9.2%.
Looking at the fluctuation rate by item on a monthly basis, livestock and seafood prices rose 7.4% and 2.6%, respectively.
In particular, pork is attracting attention as it soared to 28.2%. It was followed by anchovy (22.0%), refined edible oil (11.8%), diesel (7.2%), international airline passengers (10.3%), and movie theaters (3.1%). In contrast, strawberries (-20.4%) and TV LCDs (-4.2%) declined.
Producer price indicates the price fluctuation of goods and services supplied by producers to the market, and is used as a leading indicator of the consumer price index. Producer prices generally have a time lag of about one month and affect consumer prices, so there is concern that inflationary pressure will increase.
Meanwhile, according to the Livestock Products Quality Assessment Service, as of the 17th, the consumer price per kg of pork belly is 28,230 won. On May 17 of last year, it was 23,648 won, and the price increased by 19.4% (4582 won) in one year. Compared to the price of 23,490 won (April 15) a month ago, the price increase is notable. The Russia-Ukraine war has led to an increase in feed prices due to a rise in grain prices, which put pig farmers in trouble. In addition, with the lifting of COVID-19 distancing, the demand for restaurants is also increasing, putting pressure on consumers to raise prices.
The domestic supply price index, which measures price fluctuations including imported goods, also rose 2.3% from the previous month. Raw material prices jumped 10.7%. The total output price index in April, which includes domestic shipments and exports, also rose 1.4% from March.
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