Import prices fall again in October on stronger Korean won, lower oil prices
Import prices fell again in October driven by a stronger Korean won and lower oil prices, central bank data showed Friday. The import price index dropped 1.8 percent month-on-month last month, reversing from a 1.9 percent gain in September, according to the preliminary data from the Bank of Korea (BOK). The index had declined for three consecutive months since June. The BOK said the…
In October, import prices continued to decline, according to data released by the Bank of Korea (BOK) on Friday. The import price index dropped by 1.8 percent compared to the previous month, marking a reversal from the 1.9 percent increase observed in September. This is the third consecutive month of decline since June.
The central bank attributed the monthly drop to the Korean won's strengthening against the US dollar by 1.6 percent and the decrease in Dubai crude prices by 2.6 percent. Raw material prices fell by 3 percent in October compared to the previous month, while intermediate goods dropped by 1 percent over the same period.
Import prices play a crucial role in inflation as they impact production costs and consumer prices throughout the supply chain, as per the BOK. The data also revealed that the October export price index increased by 0.7 percent from the previous month, reversing from a 0.5 percent decline in September and a 3.5 percent drop in August.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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