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 experienced a decline, according to central bank data released on Friday. The import price index fell by 1.8 percent month-on-month, marking a reversal from the 1.9 percent gain observed in September, as reported by the Bank of Korea (BOK). This marks the first decline in three consecutive months since June.
The BOK attributed the month-on-month decrease to a stronger Korean won, which appreciated by 1.6 percent against the U.S. dollar, and a 2.6 percent drop in the price of Dubai crude, the country's benchmark. Additionally, raw material prices decreased by 3 percent compared to the previous month, while intermediate goods saw a 1 percent decline over the same period, based on BOK data.
Import prices play a crucial role in influencing inflation, as they impact production costs and consumer prices throughout the supply chain, as highlighted by the central bank. The BOK data also revealed that the October export price index increased by 0.7 percent compared to the previous month, after a 0.5 percent month-on-month 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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