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Producer prices down 0.2 pct in May on fall in oil prices

All News 10:15 June 19, 2017

SEOUL, June 19 (Yonhap) -- South Korea's producer prices fell slightly in May from a month earlier due to a drop in oil prices, central bank data showed Monday.

The producer price index -- a barometer of future consumer inflation -- reached 102.26 in May, down 0.2 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

The BOK said weak petroleum prices are to blame for the latest drop.

The price of Dubai crude -- South Korea's benchmark -- stood at an average of US$50.72 in May, down from 52.30 in April, according to the BOK.

Still, year-on-year, the producer price index jumped 3.5 percent in May, marking the seventh consecutive month of gains.

Prices of coal and petroleum products fell 3.6 percent in May from a month earlier, but prices of coal and petroleum products jumped 13.8 percent.

The index that covers agricultural goods, such as vegetables, rose 9.8 percent on-year last month, while utility prices increased 3.1 percent, data showed.

entropy@yna.co.kr
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