South Korea’s import prices in October jumped to their highest in more than four years on higher international fuel prices, a factor that could further stoke supply-end inflationary pressure and dent current-account surplus.

According to export and import price indexes data released by the Bank of Korea on Tuesday, the country’s import price index rose 1.5 percent on month to 92.06 in October, the highest since September 2014. The prices were measured in the Korean won term.

The jump in import cost was mainly due to increase in global oil prices. Prices of Dubai crude - the major type of Korea’s oil import - averaged $79.39 per barrel last month, ascending from $77.23 in September.

The country’s import prices move in sync with oil price movement as Korea entirely relies on crude and gas for fuel. Raw materials prices jumped 3.1 percent in October with crude oil price gaining 3.7 percent, natural gas 2.8 percent, and iron ore 7.7 percent.

Higher oil prices also pushed up Korea’s major export items - petroleum products, and lifted its export price index by 0.5 percent to 88.32 from the previous month and marked the highest reading since November 2014. In October, export price of bunker-C oil jumped 9.6 percent and that of diesel was up 4.4 percent.

The higher export price, converted into Korean currency, was also due to U.S. dollar’s strengthening against the Korean won. In October, the U.S. dollar averaged at 1,130.81 Korean won, compared with 1,120.6 won in the previous month.

Prices of semiconductors, Korea’s another key export item, however, are on a downward track. DRAM’s export price fell for the third consecutive month to 4.9 percent in October, the fastest since April 2016.

By Lee Yu-sup and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]