Korea’s producer prices rose for the sixth consecutive month in May, driven in part by the soaring prices of services and utility costs, central bank data showed Friday.

The producer price index, a major barometer of consumer inflation, increased 0.1 percent in May from a month earlier, following a 0.3 percent on-month gain the previous month, according to the preliminary data from the Bank of Korea (BOK).

On a yearly basis, the index rose 2.3 percent last month after a 1.9 percent on-year gain the previous month.

The rise is blamed on a 0.5 percent on-month advance in the prices of services and a 0.5 percent rise in gas and electricity costs.

Producer prices are one of the key indicators that determine the trajectory of inflation, as they influence the prices that businesses charge to consumers in the months ahead.

Consumer prices, a key gauge of inflation, rose 2.7 percent on-year last month, compared with the 2.9 percent on-year rise a month earlier, 한국을 the second straight month that the price growth slowed down and the figure stayed below 3 percent.

The country’s central bank froze its key rate for the 11th straight session at 3.5 percent last month amid still high inflation and faster-than-expected economic expansion.

The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.