South Korean import prices up for fourth month

The import price index rose 3.9% last month from a month earlier, following a 0.5% on-month gain the previous month. — The Korea Herald

SEOUL: South Korea’s import prices rose for a fourth consecutive month in April due to an increase in oil prices and the South Korean won’s decline against the US dollar, central bank data show.

The import price index rose 3.9% last month from a month earlier, following a 0.5% on-month gain the previous month, according to preliminary data from the Bank of Korea (BoK).

From a year earlier, prices also rose 2.9% last month following a 0.5% on-year decline the previous month, the data showed.

The April tally was based on the new base year of 2020.

Import prices are a major factor that determines the path of the country’s overall rate of inflation.

The Dubai crude price, South Korea’s benchmark, stood at US$89.17 per barrel in April, up from US$80.88 the previous month, according to the central bank.

The South Korean won averaged 1,367.83 against the greenback last month, slightly up from 1,330.70 the previous month.

Import prices of raw materials rose 5.5% month-on-month, while those for intermediate goods gained 3.7% over the cited period. The export price index also advanced 4.1% in April after a 0.3% on-month gain the previous month, according to the data. — The Korea Herald/ANN