Import prices rise by most in 9 months in October on weaker won: BOK

Import prices increased at the fastest clip in nine months in October, despite falling global oil prices, due mainly to a weaker Korean won, central bank data showed Friday. The import price index climbed 1.9 percent from a month earlier in October, following a 0.2 percent on-month rise in September, according to preliminary data from the Bank of Korea (BOK). It marks the sharpest on-month increase since January, when the index jumped 2.2 percent, as well as the fourth consecutive month of rise. From a year earlier, the index gained 0.5 percent. The uptick came as the local currency sharply weakened to an average of 1,423.36 won against the U.S. dollar last month, compared with 1,391.83 won in September. The price of Dubai crude, Korea's benchmark, fell 7.2 percent on-month to $65 per barrel. Import prices are a key driver of inflation, as they affect production costs and consumer prices across the supply chain. The data also showed that the export price index rose for the fourth consecutive month in October, surging 4.1 percent from the previous month. "In November, the local currency has wWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times