[Weekly Outlook] Steep Rise in Producer Price Index in Focus... G20 Finance Ministers Meeting Also Highlighted

Customers are shopping at a large supermarket in Seoul on the 24th, as the producer price index, considered a leading indicator of consumer prices, has risen for 10 consecutive months, reaching an all-time high. Photo by Jinhyung Kang aymsdream@

[Asia Economy Sejong=Reporter Dongwoo Lee] This week (April 18-22), attention is focused on how much last month's producer prices surged due to the rise in crude oil and other commodity prices.

According to related ministries on the 17th, the Bank of Korea will announce the 'March Producer Price Index' on the 21st. In February, the Producer Price Index (114.82) rose 0.4% from January (114.40) due to the increase in crude oil and other commodity prices. Compared to a year ago, it is 8.4% higher.

The coal and petroleum products index and the chemical products index recorded their highest levels in nine years since February 2013, at 166.79 and 117.36 respectively (170.07 and 117.62 in February 2013). With the ongoing strength in commodity prices last month due to the Ukraine crisis and prolonged supply disruptions, attention is on how much more producer prices have risen.

The G20 Finance Ministers' Meeting, attended by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, is also in the spotlight.

Deputy Prime Minister Hong will visit Washington and New York in the United States from today until the 24th to attend the G20 Finance Ministers' Meeting and the International Monetary and Financial Committee (IMFC) meeting. Discussions at this meeting are expected to focus on the impact of Russia's invasion of Ukraine on the global economy and the future directions of fiscal and monetary policies of various countries.

The Korea Development Institute (KDI), a government-funded research institute, will hold a national future strategy conference on the 20th under the theme of 'Vision and Strategy for Sustainable Growth.'

The conference will empirically analyze national challenges facing our economy, such as the US-China strategic competition and supply chain disruptions, the deepening digital economy and population aging, and climate change, and seek directions for the future.

The comprehensive public procurement expo, "Korea Nara Market Expo 2022," aimed at expanding domestic public market channels for excellent small and medium-sized enterprise products and supporting entry into overseas procurement markets, was held on the 13th at KINTEX in Goyang, Gyeonggi Province. Attending the opening ceremony were Kim Jeong-woo, Administrator of the Public Procurement Service (left), Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, and Kwon Chil-seung, Minister of SMEs and Startups. Photo by Moon Ho-nam munonam@