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South Korea's producer prices fall to 5.5-year low

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Staff writer |
South Korea oil
Asian economy   Producer price index was 99.75 in Korea

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.

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.


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