South Korea's producer prices dropped last month amid sluggish demand due to the COVID-19 pandemic.

The Bank of Korea announced Friday that February's producer price index was 103-point-74, a drop of point-three percent from the month prior.

With the prices of strawberries, radishes and lettuce collapsing due to shrinking demand and increased shipments, the producer price index for agricultural goods fell five-point-eight percent from the month before. The index for livestock goods such as eggs and beef fell one-point-five percent.

While the producer price index of industrial goods fell point-five percent due to falling oil prices, the index for DRAM and flash memory climbed two-point-eight percent and ten-point-seven percent, respectively.

The producer price index for vacation condominiums, hotels and international air travel also fell. A Bank of Korea official said the index fell in the restaurant, accommodation and transportation sectors due to falling demand for travel and leisure due to the COVID-19 pandemic.