Producer prices dropped for the third consecutive month in June as a fall in global oil prices pulled down prices of industrial products.

The Bank of Korea reported on Friday that the producer price index for all commodities and services stood at 119-point-84 in June, down zero-point-two percent from a month earlier, to continue the steady fall that began in April after rising for three straight months.

Compared to a year earlier, the index, a key barometer of future inflation, also dropped by zero-point-two percent to mark the first on-year drop since November of 2020.

The drop in June from a month earlier was led by industrial products, which fell zero-point-six percent due to declining in oil prices.

Prices of agricultural, forestry and fishery products also fell one-point-three percent on-month in June, while prices for electricity, gas and water rose by one-point-eight percent from May.