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S.Korea's producer prices fall to 5.5-year low on cheaper oil

Xinhua, November 19, 2015 Adjust font size:

Prices for goods and services offered by producers in South Korea fell in October to the lowest in five and a half years on the back of cheaper oil, central bank data showed Thursday.

Producer price index (PPI) stood at 99.75 in October, down 0.6 percent from a month earlier and 4.5 percent from a year earlier each, according to the Bank of Korea (BOK). The index marked the lowest since April 2010.

On a yearly basis, the PPI continued to decline for 15 straight months as crude oil prices kept a downward trend.

Industrial goods prices, including oil and chemical products, declined 0.9 percent in October from a month earlier, with farm goods prices sliding 4.3 percent.

Prices for electricity, tap water and gas gained 0.6 percent on-month in October, with service prices inching up 0.1 percent. Enditem