Seoul: South Korea's producer prices rose for the second consecutive month in December amid the weak local currency, central bank data showed Tuesday. The producer price index, a major barometer of consumer inflation, added 0.3 percent in December from a month earlier, following a 0.1 percent gain in November.

According to Yonhap News Agency, the index rose 1.7 percent on a yearly basis last month, marking the 17th consecutive month of an increase. Producer prices are a key indicator that determines the trajectory of inflation, as they influence the prices that businesses charge to consumers in the months ahead.

December's growth was driven by a 2.8 percent rise in the prices of agricultural, livestock, and fisheries goods from a month earlier. Industrial product prices increased by 0.3 percent, while electricity, gas, and other utility expenses advanced 0.4 percent compared to the previous month. Service prices also edged up by 0.1 percent.

The domestic supply price index, calculated based on produce and import prices, climbed 0.6 percent on a monthly basis in December. The central bank attributed the gain to the weak Korean currency, which elevated import prices. The Korean won fell to 1,434.42 won against the greenback in December, down from November's 1,393.38 won, amid the strong dollar and a political crisis triggered by President Yoon Suk Yeol's martial law declaration on December 3.

Consumer inflation, another key gauge, rose 1.9 percent in December from a year earlier, accelerating from a 1.5 percent increase in November, as reported by Statistics Korea. Last week, the Bank of Korea maintained its benchmark interest rate at 3 percent after two successive rate reductions to support the weak local currency.