Import prices rebound in Sept. on higher oil prices
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Containers are stacked at a port in Busan, Oct. 1. Yonhap
Import prices rebounded for the first time in four months in September due to a rise in oil prices amid renewed Middle East uncertainties, central bank data showed Friday.
The import price index rose 1.7 percent on-month last month, ending a three-month losing streak that started in June, according to the preliminary data from the Bank of Korea (BOK).
The BOK said the turnaround came as the price of Dubai crude, Korea’s benchmark, surged 28.1 percent on-month to $113.71 in September, amid a resurgence of military tensions in the Middle East.
Prices of raw materials jumped 9.6 percent in September from a month earlier, while intermediate goods dropped 1.7 percent over the cited period, according to the BOK data.
Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain, according to the central bank.
Meanwhile, the export price index fell 0.8 percent on-month in September, partly due to a stronger Korean won, the BOK data showed.
