South Korea's import prices fall for 6 months on lower oil prices

GMT 05:44 2014 Monday ,15 September

Arab Today, arab today South Korea's import prices fall for 6 months on lower oil prices

South Korea's import oil
Seoul - XINHUA

 South Korea's import prices fell for the sixth straight month amid lower global oil prices, indicating low inflationary pressures for the time being, central bank data showed Monday.
Import prices, which affect consumer prices with a certain time gap, declined 0.8 percent in August from a month earlier, marking the six straight month of decline, according to the Bank of Korea (BOK).
The import price index, which measures prices of imported goods with a base year of 2010 as 100, decreased to 94.16 in August, the lowest in almost five years.
Falling crude prices caused the lower import prices. Dubai crude, South Korea's benchmark, averaged 101.94 U.S. dollars a barrel in August, down 3.9 percent from a month before.
Prices for raw materials imported from overseas slid 2.1 percent last month, with corn and bean prices declining 7.5 percent and 2.9 percent, respectively.
Prices for intermediate and capital goods slid 0.2 percent and 0.1 percent each, but consumer goods prices rose 0.1 percent last month.
Export prices, which gauge prices of export items, gained 0.1 percent in August from a month earlier, keeping an upward trend for two months in a row.
The rise came after the won/dollar exchange rate advanced 0.5 percent in August compared with the prior month, raising the prices converted into the local currency.


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