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S.Korean import prices post fastest increase in 6 years

Xinhua, November 14, 2016 Adjust font size:

South Korean import prices posted the fastest increase in about six years due to higher crude oil prices and the local currency's depreciation to the U.S. dollar, central bank data showed on Monday.

The import price index stood at 77.87 in October, up 4.3 percent from the previous month, according to the Bank of Korea (BOK). It marked the fastest rise since December 2010.

Rapid increase in prices for imported goods came as Dubai crude, South Korea's benchmark, advanced 13 percent over the month to average 48.97 U.S. dollars per barrel in October.

The won/dollar exchange rate averaged 1,125.28 won against the greenback in October, up 1.6 percent from the previous month.

Prices for imported raw materials jumped 12.2 percent, with those for coal and oil products advancing 12.7 percent. Capital and consumer goods prices rose 1.0 percent and 0.9 percent each.

The export price index rose 3.2 percent from a month earlier to 80.53 percent in October as the South Korean currency depreciated to the dollar.

Prices for exported farm goods gained 1.0 percent, with those for industrial goods rising 3.2 percent. Export prices for coal and oil products jumped 11.2 percent, and those for electrical and electronic products climbed 4.6 percent. Enditem