Import prices rebound in Sept. on higher oil prices
Import prices rebounded for the first time in four months in September due to a rise in oil prices amid renewed Middle East uncertainties, central bank data showed Friday. The import price index rose 1.7 percent on-month last month, ending a three-month losing streak that started in June, according to the preliminary data from the Bank of Korea (BOK). The BOK said the turnaround came as the price…
South Korean import prices surged in September, marking the first increase in four months as oil prices rose amid renewed Middle East tensions, according to preliminary data from the Bank of Korea (BOK). The import price index climbed 1.7% month-over-month, ending a three-month decline that began in June. Dubai crude, Korea's benchmark, experienced a 28.1% month-over-month increase to $113.71, driven by heightened military tensions in the Middle East.
Raw material prices jumped 9.6% in September, while intermediate goods decreased 1.7% over the same period, the BOK reported. As import prices impact production and consumer costs across the supply chain, they play a crucial role in driving inflation, the central bank noted. Additionally, the export price index declined 0.8% month-over-month in September, partly due to a stronger Korean won, the BOK data indicated.
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- Import prices rebound in Sept. on higher oil prices en.yna.co.kr
- Import prices rebound in Sept. on higher oil prices koreatimes.co.kr
