Seoul: Import prices in South Korea have risen for the third consecutive month in September, driven primarily by escalating global oil prices and a depreciating Korean won, as revealed by central bank data released on Friday.
According to Yonhap News Agency, the import price index saw a 0.2 percent increase on a month-to-month basis in September, following a 0.3 percent rise recorded in August. This persistent increase is attributed to the local currency weakening to an average of 1,391.83 won against the U.S. dollar in September, a slight decrease from 1,389.66 won in the previous month.
Additionally, the price of Dubai crude, which serves as South Korea's benchmark, experienced a 0.9 percent rise on-month, reaching US$70.01 per barrel. Import prices significantly influence inflation as they impact production costs and consumer prices throughout the supply chain.
The report further indicated that the export price index also rose for the third month in a row in September, marking a 0.6 percent increase from the previous month.