South Korea's producer prices fell for the fourth consecutive month in January in spite of a rebound in crude oil prices. 

According to preliminary data from the Bank of Korea(BOK) on Friday, the producer price index, a barometer of future consumer inflation, reached 103-point-75 last month, down point-two percent from a month earlier.

It’s the first time since January 2016 that the index has lost ground for four straight months.

On an on-year basis, the index rose point-two percent to extend its positive streak for the 27th straight month since November 2016. 

A BOK official said the January index was influenced by a sharp drop in oil prices from November and December, although they rebounded slightly last month.