Producer prices have experienced their steepest drop in more than three years.

The Bank of Korea said Friday that the November producer price index, a barometer of future consumer inflation, was 104-point-67.

That's down zero-point-seven percent from October, and is the sharpest decline since October 2015. 

It's the first time since last year's first half for the index to slide for two months straight.

Declining costs of oil and agricultural produce are seen as factors in the dip.