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Producer prices in South Korea slipped to a new six-year low last month although the rate of drop slowed from a month earlier, central bank data showed Friday.
The producer price index came to 99.31 in November, down from a revised 99.65 in the previous month, according to the preliminary data from the Bank of Korea.
The November figure marked a 0.3 percent cut from the previous month, decelerating from a 0.7 percent on-month drop in October when the index fell below the benchmark 100 for the first time since April 2010. The November tally marks a 4.6 percent drop from the same month last year.
The decline was attributed to a continued drop in global energy prices.
The price index for coal and petroleum plunged 29.2 percent on-year to 70.43 in November while the index covering all industrial goods shed 7.9 percent to 93.39, according to the BOK.
Producer prices serve as a barometer of future consumer inflation.
South Korea has been struggling with low inflation partly caused by sluggish local spending.
Since the beginning of 2013, the country's consumer price inflation has remained below the 2.5-3.5 percent target range for the 2013-2015 period with a 1 percent on-year gain in November marking a 12-month high. (Yonhap)
The producer price index came to 99.31 in November, down from a revised 99.65 in the previous month, according to the preliminary data from the Bank of Korea.
The November figure marked a 0.3 percent cut from the previous month, decelerating from a 0.7 percent on-month drop in October when the index fell below the benchmark 100 for the first time since April 2010. The November tally marks a 4.6 percent drop from the same month last year.
The decline was attributed to a continued drop in global energy prices.
The price index for coal and petroleum plunged 29.2 percent on-year to 70.43 in November while the index covering all industrial goods shed 7.9 percent to 93.39, according to the BOK.
Producer prices serve as a barometer of future consumer inflation.
South Korea has been struggling with low inflation partly caused by sluggish local spending.
Since the beginning of 2013, the country's consumer price inflation has remained below the 2.5-3.5 percent target range for the 2013-2015 period with a 1 percent on-year gain in November marking a 12-month high. (Yonhap)
