Producer prices in South Korea declined for a third straight month in October, due mainly to decreasing oil prices and a fall in prices of vegetables and other agricultural goods, central bank data showed Wednesday.

The producer price index, a barometer of future consumer inflation, stood at 104.56 in October, slipping 0.7 percent on-year, compared with a 0.5 percent fall in September and a 0.2 percent slide in August, according to the preliminary data by the Bank of Korea.

From a month earlier, the index was also down 0.6 percent in October, they showed.

The October reading marks the lowest since January 2011, when the comparable figure was 104.3, the central bank said.

The price of Dubai crude oil, South Korea’s benchmark, dropped 10 percent on-year in October amid the global economic slowdown following a 5.2 percent on-month drop in September.

The index that covers agricultural goods such as vegetables declined 8.6 percent on-year last month, according to the data.

The central bank earlier lowered its inflation outlook for Asia’s fourth-largest economy, citing a prolonged weakening of oil and agricultural product prices. (Yonhap)