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:여행)
- ·Supporters of Israel hold rally in Seoul, urge Hamas to stop atrocities
- ·Shimcheong
- ·Allies vow stern measures against Russia
- ·PM departs for China for Asian Games, meeting with Xi
- ·USS Carl Vinson deploys for Indo
- ·[Today’s K
- ·Outpaced by Coupang, Shinsegae carries out major leadership reshuffle
- ·BTS' Suga begins military service
- ·이준석, 눈물의 회견…尹대통령 향해 "與 묵언 수행 저주 풀라"
- ·Ministry uncovers 1,802 Youth Protection Act violations
- ·Enjoying Halloween in Itaewon sparks debate online
- ·[Test Drive] Toyota’s minivan Alphard boasts sedanlike drive
- ·S. Korea, US conduct underwater search operation for downed jet, Korean War remains
- ·Russian top diplomat to visit NK, accuses US of fueling tensions on Korean Peninsula
- ·윤 대통령 “국민소통·현장소통·당정소통 강화하라”
- ·From traditional to trendy, three of Seoul's top yukhoe spots
- ·Allies vow stern measures against Russia
- ·Hyundai Engineering wins US gas
- ·윤 대통령 “국민소통·현장소통·당정소통 강화하라”
- ·Sabre fencer, swimming relay team eye historic medals