South Korea’s Import Prices Up for Second Straight Month
(MENAFN) Import prices in South Korea increased for the second month in a row as the local currency weakened against the U.S. dollar, according to data released Tuesday by the Bank of Korea (BOK).
In August, the import price index climbed 0.3 percent compared to the previous month, following a 0.8 percent rise in July. This upward trend was driven by the depreciation of the won against the greenback, which offset the impact of lower crude oil prices.
Dubai crude, the country’s oil benchmark, averaged $69.39 per barrel in August, down from $70.87 in July. Meanwhile, the won/dollar exchange rate rose to an average of 1,389.66 won per dollar in August, up from 1,375.22 won in July.
Breaking down by category, prices for imported raw materials fell 0.4 percent in August, marking their first decline in three months. However, import prices for intermediary goods continued their upward trajectory, rising 0.5 percent for the second consecutive month.
Costs for both imported capital goods and consumer goods increased by 0.7 percent during the same period.
On the export front, the price index grew 0.7 percent in August compared to July, slightly down from the previous month’s 0.8 percent rise.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
