Price for goods and services among South Korean suppliers fell last month on cheaper oil product, central bank data showed Tuesday.
The producer price index (PPI) declined 1.7 percent in May from a year earlier, according to the Bank of Korea (BOK).
The price for coal and oil products plunged 45.5 percent amid weak demand, caused by the COVID-19 outbreak across the world. It was the fastest fall since relevant data began to be compiled in January 1965.
The PPI stood at 101.98 in May, unchanged from the previous month. For the past three months, the index declined compared with a month earlier.
On a monthly basis, prices for agricultural, livestock and fishery products advanced 2.7 percent last month. Demand increased for food ingredients as people preferred cooking at home on fear of the coronavirus pandemic.
Price for financial and insurance services gained 0.9 percent in May from a month earlier, and price for eatery and lodging services added 0.2 percent last month.
Price for chemical products retreated 0.7 percent in May on a monthly basis, and the price for electronic and optical devices slipped 0.5 percent in the month.
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