Seoul (South Korea), November15: Price for imported goods to South Korea rose for the second straight month in October due to the local currency's depreciation to the U.S. dollar, central bank data showed Tuesday.
The import price index gained 1.5 percent in October from a month earlier, after advancing 3.4 percent in September, according to the Bank of Korea (BOK).
Energy import costs were driven up by the South Korean currency's depreciation versus the greenback.
The won/dollar exchange rate averaged 1,426.66 won per dollar in October, up from 1,391.59 won in the previous month.
Price for imported raw materials increased by 2.4 percent in the cited month on a higher price for mining products.
The monthly average price for Dubai crude, South Korea's benchmark, climbed 0.2 percent over the month to 91.16 U.S. dollars per barrel in October.
Import price for intermediary goods added 1.1 percent, while those for capital and consumer goods picked up 1.8 percent and 0.5 percent respectively.
In local currency terms, the export price index went up 1.3 percent in October from a month earlier, after rising 2.8 percent in the previous month.
It was attributed to the fast increase in the won/dollar exchange rate.
Source: Xinhua