South Korea's producer prices dropped at the fastest pace in more than three years in November on the back of falling crude and farm product prices.

According to the Bank of Korea on Friday, the producer price index - a barometer of future consumer inflation - reached 104-point-67 last month, down point-seven percent from a month earlier.

It is the steepest on-month decline since October 2015, when the index lost point-seven percent. 

The producer price index slipped for the second consecutive month, following a point-four percent drop in October. 

The central bank said a decrease in crude prices pulled down the November index, as the average price of Dubai crude, South Korea's benchmark, slipped 17-point-four percent on-month to 65-point-56 dollars per barrel last month.