S. Korean import prices rise for 3 months on weak currency

South Korean import prices rose for three months in a row as the local currency weakened against the U.S. dollar, central bank data showed on Wednesday.

The import price index stood at 79.74 in November, up 2.4 percent from the previous month, according to the Bank of Korea (BOK).

The upward momentum continued after gaining 0.2 percent in September and 4.4 percent in October as the won/dollar exchange rate advanced 3.2 percent in November compared with the prior month.

Prices for imported farm goods increased 0.8 percent, with those for intermediate products such as iron ore jumping 3.4 percent.

Import prices for capital and consumer goods gained 1.6 percent and 2.1 percent respectively.

The export price index came in at 83.99 in November, up 4.1 percent from a month earlier. It was the fastest increase in almost eight years since February 2009.

The export prices rose for the third consecutive month due to the local currency's depreciation to the dollar and higher prices for electronic products.

Prices for exported farm goods and industrial products advanced 1.8 percent and 4.1 percent each last month, with export prices for electrical and electronic products jumping 5.6 percent.

Higher export prices helped domestic exporters raise profitability, but the import price rise put upward pressures on consumer prices that may weigh down on the already weakened consumer spending. Endit