emirates7 - In July, South Korea’s import prices increased for the first time in six months, fueled by higher global oil costs and a weaker won, according to preliminary data from the Bank of Korea (BOK) released Thursday.
Figures from Yonhap News Agency showed the import price index rose 0.9 percent from June, ending a five-month decline. The rebound was partly due to the average price of Dubai crude — South Korea’s main benchmark — rising 2.3 percent to US$70.87 per barrel, and the won depreciating 0.6 percent against the US dollar to an average of 1,375.22 won per dollar.
Import prices are considered a major driver of inflation, as they impact production expenses and consumer prices across the supply chain.
The export price index also posted its first increase in four months, climbing 1 percent from the prior month. Meanwhile, consumer prices — a key measure of inflation — grew 2.1 percent year-on-year in July, staying above the 2 percent mark for a second straight month.
Figures from Yonhap News Agency showed the import price index rose 0.9 percent from June, ending a five-month decline. The rebound was partly due to the average price of Dubai crude — South Korea’s main benchmark — rising 2.3 percent to US$70.87 per barrel, and the won depreciating 0.6 percent against the US dollar to an average of 1,375.22 won per dollar.
Import prices are considered a major driver of inflation, as they impact production expenses and consumer prices across the supply chain.
The export price index also posted its first increase in four months, climbing 1 percent from the prior month. Meanwhile, consumer prices — a key measure of inflation — grew 2.1 percent year-on-year in July, staying above the 2 percent mark for a second straight month.