Representative image

S. Korea's import price rises for 2nd month in August

Sep 13, 2023

Seoul [South Korea], September 13: Price for imported goods to South Korea rose for the second successive month due to expensive crude oil and the local currency's depreciation versus the U.S. dollar, central bank data showed Wednesday.
The import price index advanced 4.4 percent in August from a month earlier after gaining 0.2 percent in the previous month, according to the Bank of Korea (BOK).
Price for imported raw materials soared 7.2 percent last month on higher crude oil prices and the domestic currency's descent to the greenback.
Dubai crude, South Korea's benchmark, averaged 86.46 U.S. dollars per barrel in August, up 7.5 percent from 80.45 dollars in the previous month.
The average won/dollar exchange rate climbed to 1,318.47 won per dollar in August from 1,286.30 won in the prior month.
Price for imported intermediary goods, including oil products, increased 3.7 percent in August from a month earlier, rebounding from a decrease of 0.9 percent in July.
Import prices for coal and oil products jumped 13.7 percent in August after adding 1.3 percent in the prior month.
Prices for imported capital and consumer goods went up 1.6 percent and 1.9 percent, respectively.
The export price index picked up 4.2 percent in August on a monthly basis, after inching up 0.1 percent in the prior month
Source: Xinhua