S.Korea's import prices fall in 5 months on strong local currency

SEOUL, Dec. 12 (Xinhua) -- Prices for imported goods in South Korea fell for the first time in five months as strong domestic currency to the U.S. dollar offset higher crude oil prices, central bank data showed Tuesday.

The import price index stood at 82.87 in November, down 0.4 percent from a month earlier, according to the Bank of Korea (BOK). It was the first decline since June, ending the fourth consecutive month of increase caused by high crude prices.

Dubai crude, South Korea's benchmark, gained 9.5 percent in November from the previous month.

It was offset by the South Korean currency's appreciation to the greenback. The won/dollar exchange rate averaged 1,105.4 won per dollar in November, down 2.3 percent from a month ago.

Prices for imported raw materials advanced 2.3 percent, but those for intermediate goods shed 1.2 percent. Those for imported capital and consumer goods declined 2.2 percent and 1.5 percent respectively.

Export price index came in at 85.68 in November, down 1.8 percent from the prior month. It was the first fall in five months.

Export prices for farm goods retreated 2.8 percent, with those for industrial goods dipping 1.8 percent. Enditem