Producer prices rose more than eight percent last year on the back of increased oil prices and a weakening of the local currency against the dollar.

The Bank of Korea on Friday reported that the producer price index for all commodities and services marked 118-point-80 on average in 2022, up eight-point-four percent from a year earlier.

It represents the largest gain in 14 years since 2008 when it rose eight-point-six percent, and marks the highest index since the nation started compiling related data in 1965.

The index dropped zero-point-three percent in December from a month earlier due to falling oil prices and a weakening dollar, while the six-percent on-year increase for the month continued the deceleration trend for the sixth consecutive month since June.