Seoul:Import prices in South Korea increased for the first time in four months in September, driven by a rise in oil prices amidst renewed uncertainties in the Middle East, as per central bank data released on Friday.
According to Yonhap News Agency, the import price index rose by 1.7 percent from the previous month, marking a recovery from a three-month decline that began in June. This change was influenced by a significant increase in the price of Dubai crude, South Korea's oil benchmark, which surged by 28.1 percent to reach $113.71 in September.
The data from the Bank of Korea (BOK) highlighted that the prices of raw materials saw a substantial increase of 9.6 percent in September compared to the previous month, while prices for intermediate goods experienced a decrease of 1.7 percent during the same period.
Import prices play a crucial role in driving inflation as they impact production costs and consumer prices across the supply chain. Meanwhile, the export price index saw a decline of 0.8 percent on a monthly basis in September, partially attributed to a stronger Korean won.