South Korea's producer prices grew by 10.7 percent in October on a year-on-year base, slowing from 11.3 percent of growth rate in the month earlier, the Bank of Korea (BOK) said Monday, giving implications of further rate cut for November.
According to the BOK, growth rate of the producer price index, a barometer of future consumer inflation, fell mainly due to decline in oil and raw material cost.
The data comes as the BOK slashed its key interest rate to 4 percent Friday for the third time in a month in an effort to bolster the slumping economy.
Source: Xinhua
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