South Korea's import prices rose for the first time in four months in September, as a sharp jump in global oil prices outweighed a weaker dollar against the won.
The import price index, based on the won and preliminary with 2020 as the base year of 100, stood at 159.37 last month, up 1.7% from August, the Bank of Korea said on the 16th in its September export and import price report. The index had fallen every month after rising 0.2% in May, declining 4.2% in June, 1.0% in July and 2.2% in August.
The won averaged 1,359 per dollar last month, down 3.4% from 1,406.3 in August. But Dubai crude climbed 28.1% to $113.71 a barrel from $88.75 over the same period amid the prolonged war in the Middle East, lifting import prices.
By category, raw materials jumped 9.6% from the previous month, led by mineral products such as crude oil. Intermediate goods fell 1.7% as declines in primary metal products offset gains in petroleum and coal products. Capital goods dropped 2.4% and consumer goods 2.3%.
Among individual items, crude oil rose 21.6%, jet fuel gained 14.1% and bunker C oil advanced 5.6%.
Export prices fell despite the rise in oil prices, pressured by the stronger won. The export price index came in at 182.29 last month, down 0.8% from August, marking a second straight monthly decline after a 3.5% drop.
By category, agricultural, forestry and fishery products slipped 0.3% from the previous month, while manufactured goods fell 0.8%. Among individual items, frozen seafood declined 1.0%, synthetic fiber fabrics 3.4%, cosmetics 3.4%, secondary batteries 3.4% and excavators 3.8%.
