Import prices up for 3rd month in September on higher oil prices
South Korea's import prices rose for the third straight month in September due to the higher price of crude oil, central bank data showed Tuesday.
The import price index rose 2.9 percent last month from a month earlier following a 4.2 percent rise and a 0.2 percent advance in August and July, respectively, according to the preliminary data from the Bank of Korea.
In August, the index spiked by the most in 17 months.
From a year earlier, the prices fell 9.6 percent, the data showed.
Import prices are a major factor that determines the path of the country's overall rate of inflation.
The Dubai crude price, South Korea's benchmark, stood at $93.25 per barrel in September, up from $86.46 the previous month, according to the central bank.
The import prices of raw materials rose 5.7 percent, while those for intermediate goods gained 2 percent.
The export price index also rose 1.7 percent in September, marking a rise for the third straight month.
Meanwhile, South Korea's consumer prices accelerated by the most in five months in September, driven by higher oil costs and rising prices of some farm goods.
Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, accelerating from a 3.4 on-month rise in August.
In August, the BOK kept its key interest rate unchanged at 3.5 percent for the fifth straight time. The central bank delivered seven consecutive rate hikes from April 2022 to January 2023. (Yonhap)
(责任编辑:부동산)
- ·[Contribution] Why hope matters in climate crisis
- ·USS Carl Vinson deploys for Indo
- ·Welcome Daehakro Festival lights up Seoul's stage hub
- ·Hamas weapons, tactics resemble those of NK: JCS
- ·Cast of ‘Norma’ says opera difficult to sing but easy to enjoy
- ·Seoul shares open higher on US gains
- ·Gimbap and hanja cramming: Life of Korean Studies students in Paris
- ·北, 日의 장거리미사일 조기 배치 추진에 “전쟁국가 일본 실체”
- ·[view] 민심 더 싸늘해지는데…감동 없는 김기현 2기
- ·Cast of ‘Norma’ says opera difficult to sing but easy to enjoy
- ·US strategic bomber B
- ·Foreign workers' deaths get weak sanctions
- ·Beef prices have soared 100
- ·S. Korea, US, Japan install trilateral communication hotline amid N. Korea, China challenges
- ·北, 러시아 외무장관 방북 발표…내달 18~19일 방문
- ·Biden says Hamas must be eliminated, US officials warn war could escalate
- ·오세훈, ‘TBS 폐지’ 묻자 “그런 일 생겨서는 안 돼”
- ·Foreign workers' deaths get weak sanctions
- ·Over 1,300 rescue workers still traumatized by Itaewon Halloween tragedy
- ·One Store attracts W20b from Krafton