(MENAFN- QNA) Producer prices in South Korea declined for a second straight month in September, due mainly to weakening oil prices, central bank data showed Monday.
The producer price index, a barometer of future consumer inflation, slipped 0.4% on-year last month, compared with a 0.2% fall in August, according to the preliminary data by the Bank of Korea (BOK).
The on-year fall came as prices of industrial products, which hold the heaviest weight in the index, declined as prices of coal and petroleum products dropped 10.7% from the previous year, according to South Korea's (Yonhap) News Agency.
The index that covers agricultural goods and fisheries declined 1.4%, according to the data.
The data comes after the central bank lowered its inflation outlook for Asia's fourth-largest economy, citing a prolonged weakening of oil and agricultural product prices.
The BOK slashed its inflation outlook for this year to 1.4% from 1.9%. It also trimmed its inflation forecast for next year to 2.4% from 2.7%.
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