South Korea’s import prices rose for the second consecutive month through August on more expensive crude oil, central bank data showed Wednesday.
The import price index, which is reflected in headline inflation with a certain time gap, came in at 81.22 in August, up 1.5 percent from a month earlier, according to the Bank of Korea (BOK). From a year earlier, the index jumped 9 percent.
It was attributable to higher price of crude oil, almost all of which South Korea depends on oil-exporting countries to use.
Dubai crude, the country’s benchmark, averaged 50.22 U.S. dollars a barrel in August, up 5.6 percent from the prior month.
Prices for imported raw materials gained 2.8 percent in August from a month earlier, with those for imported coal and oil products rising 1.4 percent.
Prices for imported capital and consumer goods added 0.6 percent and 0.2 percent respectively.
The export price index gained 0.5 percent in August from the previous month. From a year earlier, the index soared 10.7 percent.
Prices for exported diesel and gasoline advanced 4 percent and 9.2 percent each. The exported farm goods prices climbed 2.3 percent.
Source: Xinhua
