S. Korea's import prices rebound in 3 months on higher oil prices

2017-08-11 03:00:36 GMT2017-08-11 11:00:36(Beijing Time) Xinhua English

SEOUL, Aug. 11 (Xinhua) -- Prices in South Korea for imported goods rebounded for the first time in three months on the back of higher crude oil prices, central bank data showed Friday.

The import price index stood at 79.92 in July, up 0.4 percent from the previous month, according to the Bank of Korea (BOK).

It marked the first increase since April. The import prices are reflected in consumer price inflation with a certain time lag.

The rebound was attributed to higher crude oil prices. Dubai crude, South Korea's benchmark, averaged 47.57 U.S. dollars per barrel in July, up 2.4 percent from a month earlier.

The weakening of the local currency also helped raise the import prices. The won/dollar exchange rate averaged 1,134.4 won per dollar last month, up 0.4 percent from the previous month.

Prices for imported raw materials fell 0.5 percent on lower prices of mining products, but intermediate goods prices gained 0.8 percent. Those for capital and consumer goods rose 0.6 percent and 0.5 percent respectively.

The export price index added 1 percent in the cited period, marking the first gain in three months.

Prices for exported farm goods inched up 0.1 percent, with those for industrial goods products advancing 1 percent. Those for exported coal and oil products jumped 4.7 percent on expensive crude oil.

 

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