S. Korea’s import prices rise for second month on high energy costs, weak won

2022.11.15 15:56:02

[Provided by Maekyung Media Group]이미지 확대

[Provided by Maekyung Media Group]

South Korea’s import price rose for the second straight month in October as global energy and other commodities price remained strong.

The import price index came to 156.89 in October, rising 1.5 percent from a month ago, according to the Bank of Korea data Tuesday. The index dropped 2.6 percent in July and 0.9 percent in August but reversed its direction to rise 3.4 percent in September.

From a year-ago period, the import price index jumped 19.8 percent to mark a 20-month growth streak.

A rise in import price usually translates into higher consumer price a few months later.

In October, import price of mining products climbed 2.6 percent. Among intermediate goods, import price of coal and petroleum products rose 4.9 percent and electrical devices 2.1 percent. Capital goods import price also rose 1.8 percent.

However, import price of agricultural, forestry and fishery products fell 0.2 percent, chemicals 0.4 percent, and computer and electronics 0.4 percent.

Import price, excluding foreign exchange rate impact, fell 0.6 percent from the previous month. The Korean won averaged at 1,426.66 against the U.S. dollar last month, down 2.5 percent on month.

The export price index, based on Korean won, rose 1.3 percent on month to 132.90 in October. It is the second consecutive month of growth. Against a year-ago period, the index is up 13.7 percent, extending the gaining streak to 21 months.

Growth was led by coal/petroleum and petrochemical products, which increased 6.6 percent and 1.8 percent, respectively, on month.

Export price, excluding the foreign exchange rate impact, fell 1.0 percent from a month ago and dropped 3.5 percent on year.

By Pulse

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