Import prices rebound in Sept. on higher oil prices

In September, import prices in South Korea rebounded for the first time in four months, according to central bank data. The Bank of Korea (BOK) reported that the import price index increased by 1.7 percent month-on-month, reversing a three-month decline that began in June. This upward trend was attributed to a surge in oil prices, driven by renewed Middle East tensions.

Dubai crude, South Korea's benchmark, saw its price jump by 28.1 percent month-on-month to US$113.71 in September. Raw material prices rose by 9.6 percent, while intermediate goods dropped by 1.7 percent over the same period. Import prices play a crucial role in inflation, as they influence production costs and consumer prices throughout the supply chain, according to the BOK.

Concurrently, the export price index declined by 0.8 percent month-on-month in September, partially due to the Korean won's strengthening.