South Korea's producer prices dropped for the second consecutive month in August.

According to data by the Bank of Korea on Tuesday, the producer price index for all commodities came to 103-point-73 last month, down point-six percent from a year earlier. 

The index, a key barometer of future consumer prices, slipped for the second straight month following a point-three percent decline in July, the first on-year drop in 33 months.

The decline was mainly due to drops in the prices of farm products and petroleum products.

The index for farm products, including fisheries and forestry goods, fell eight-point-seven percent in August from a year earlier, while those of coal and petroleum products plunged nine-point-five percent on-year due to falling crude oil prices.

The index for DRAM prices rose two-point-five percent on-month in August, marking the first gain in 13 months.