S.Korea's producer prices continue to fall on lower oil prices

Producer prices in South Korea kept a downward trend for three straight months due to lower global oil prices, central bank data showed Tuesday.

The producer price index (PPI), a barometer of future consumer price inflation, fell 0.2 percent in November from a month earlier, according to the Bank of Korea (BOK). The prices continued to decline since September.

Lower global oil prices offset a rebound in farm goods prices caused by cold weather. Dubai crude, South Korea's benchmark, averaged 105.49 U.S. dollars a barrel last month, down 0.1 percent from the previous month.

Agricultural product prices advanced 0.5 percent in November from a month earlier after dropping 5.7 percent in the prior month. Vegetable prices gained 2.7 percent, and livestock prices climbed 3.3 percent.

Manufactured goods prices declined 0.4 percent last month, maintaining the downward trend for three months in a row. Chemical product prices slid 0.5 percent, and the primary metal prices retreated 1.4 percent.

Prices for electricity, gas and tap water rose 0.7 percent in November after gaining 0.2 percent in the prior month as the government raised utility prices amid growing debts in public utility agencies.

Service prices were unchanged in November from the prior month after rising 0.2 percent in October.