South Korea's producer prices dropped slightly from a year earlier in May on a large cut in prices of agricultural and fishery products, central bank data showed Monday.

The producer price index for May came to 98.68, down 3.1 percent from the same month last year, according to preliminary data from the Bank of Korea.

The May index marked a slight increase from a revised 98.67 in the previous month.

May marked the second consecutive month of an on-month gain following eight straight months of decline.

Prices of manufactured goods continued to rise for the third consecutive month, gaining 0.5 percent on-month in May.

Prices of agricultural and fisheries goods, on the other hand, suffered a 4.2 percent on-month plunge.

Utility prices, including electricity and water, dropped 1.9 percent from the previous month, marking the third consecutive month of decline, according to the BOK. (Yonhap)