SEOUL: Prices for goods and services offered by producers and suppliers slipped to the lowest in about five years on the back of cheaper crude oil, central bank data showed Tuesday.
The producer price index (PPI) stood at 100.47 in September, down 0.3 percent from a month earlier, according to the Bank of Korea (BOK). It kept the downward trend for three months in a row.
The September figure was the lowest since July 2010 when it recorded 100.17. The PPI reflects the consumer price inflation 1-2 months in advance.
The continued fall in producer prices came on the back of cheaper crude oil. Prices for coal and oil products sank 2.3 percent in September from a month earlier, with those for chemical prices sliding 1.9 percent.
Prices for agricultural and livestock products shrank 4.1 percent and 3.6 percent each in September on a monthly basis.
Service prices made no change, but those for tap water and gas climbed 1.5 percent last month due to a hike in city gas prices.
