Producer prices rose for a 12th consecutive month in October due to the rising prices of oil and raw materials.

According to the Bank of Korea(BOK) Friday, the producer price index for all commodities and services stood at 112-point-21 in October, up point-eight percent from a month earlier.  

The index, a key barometer of future inflation, posted growth for the 12th straight month since November last year. It also replaced new highs for seven consecutive months since April.

Compared to a year earlier, the index jumped eight-point-nine percent, the largest on-year gain since October 2008 when it rose ten-point-eight percent. 

Prices of coal and petroleum products soared 12-point-six percent on-month in October, and electricity and gas prices rose two-point-three percent on-month. Prices of agricultural, fishery and forest products dropped four-point-seven percent on rising supplies. 

The central bank expected the increase in producer prices to slow down this month as oil and raw material prices are falling or its growth decelerating.