South Korea’s producer prices were unchanged month-on-month in March, while rising 1.3% from a year earlier, according to Bank of Korea data released Tuesday. The flat headline figure reflects a sharp 4.3% drop in petroleum product prices, offset by gains in primary metals and semiconductors, including a 6.1% month-on-month increase in flash memory prices.

The core producer price index — excluding food and energy — rose 0.1% on the month and 1.3% on the year. The output price index, which includes export prices, also rose 0.1% from February, with semiconductor export prices up 0.6%. Prices for final goods climbed 0.3%, and intermediate goods edged up 0.1%, while raw materials fell 1%. Financial and insurance service prices dropped 1.5%, continuing a multi-month decline.