Producer prices rose 9.2% for 20 consecutive months UK rose 10.1%

Korea's Producer Price Index rose to 9.2% in July for 20 consecutive months, while the US rose 8.5% and the UK 10.1%.
The U.S. Department of Labor announced on the 11th that the consumer price index (CPI) rose 8.5% in July from the same month a year ago, and the producer price index (PPI) rose 9.8% and fell 0.5% from the previous month.
The UK National Statistical Office said on the 17th that the consumer price index rose 10.1% in July compared to the same month last year, the highest in 40 years.
Japan's Ministry of Internal Affairs and Communications announced on the 19th that the consumer price index for July rose by 2.4% from a year earlier.
The Bank of Korea announced on the 25th The Producer Price Index for July rose 0.3% from June, according to the Korean media unusually.
The normal year-on-year increase was hidden behind the article as an increase of 9.2%.
When the U.S. Department of Labor officially announced that the CPI rose 8.5% year-over-year in July, President Joe Biden told reporters, "I want to say zero. I heard today that inflation in July was zero,” he said, accusing the Korean media of doing so.
Biden's 'zero' remarks were shed by the American media as a 'political' statement rather than an official announcement ahead of the midterm elections to the public accustomed to the official announcement of the inflation rate compared to the previous month.
The Producer Price Index of the Bank of Korea in July rose 0.3% MoM for seven consecutive months, but “the rate of increase from the previous month is gradually decreasing from 1.6% in April → 0.7% in May → 0.6% in June → 0.3% in July” The Bank of Korea announcement on the 25th occupied the center of the Korean media.
On the 25th, the Monetary Policy Committee of the Bank of Korea announced a 0.25%p increase in the base rate by 2.5% per annum.

On the 25th, Governor Lee Chang-yong said, “The rise in consumer prices will continue until early next year.”

In response to the National Assembly on the 1st, Governor Lee said, “Inflation that has exceeded 6% will continue to stabilize little by little after 2-3 months.”

The actual inflation in July was the highest, with the domestic supply price index including import prices rising 14.7% from the same month of the previous year.
The domestic supply price index in June rose 11.5% from the same month of the previous year, so it was higher in July.
This also rose 0.7% MoM, but the price of core raw materials, intermediate goods, and final goods rose 4.5%, 0.1%, and 0.5%, respectively, and the upward trend was strong.
The price increase was evident even in the situation where the price of spinach, which is directly related to consumers, was manipulated from the previous month by 204.0% and 47.0% for Chinese cabbage.
The Bank of England (BOE), the central bank of the UK, has projected a year-end inflation rate of 13.3% in the UK.
The Bank of Japan, the central bank of Japan, has a target of 2% consumer price inflation and a 2.4% increase in July (YoY).
On the 25th, the Bank of Korea raised its consumer price inflation forecast for this year from 4.5% to 5.2%.
'E-Daily' said, "According to the 'June Producer Price Index' published by the Bank of Korea on the 22nd (last month), producer prices rose 9.9% year-on-year this month. Considering that the inflation rate, which was 9.7% in May, was raised to 9.9%, the rate of increase was 9.9% for the second month in a row. This is the highest level in 13 years and 8 months since October 2008 (10.8%). This is the 19th month of growth. The producer price flow is expected to be reflected in the rise in consumer prices in about three months,” he reported on the 22nd of last month.

The Bank of Korea lowered the proportion of prices in these countries by 30% by excluding the cost of owning housing, including the US, UK, and Japan, from the Consumer Price Index from the beginning, and the National Statistical Office said the reason for excluding private housing was speculative capital goods.