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S. Korea's import price growth hits 5-month high in Sept.
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The growth of South Korea's import prices reached a five-month high in September
due to on-year gains in oil costs, the central bank said Friday.
In local currency terms, the country's import prices rose 14 percent in September from a year earlier, accelerating from a 10 percent on-year expansion in August, according to the Bank of Korea (BOK).
The September data marked the fastest expansion since a 19 percent on-year advance in April, it added.
Compared with the previous month, the growth of import prices accelerated due to the local currency's depreciation against the dollar.
Import prices climbed 3.7 percent, picking up from 0.5 percent on-month gain in August. The figure marked the highest jump since a 4.7 percent gain in December 2010.
"On-year gains in oil prices jacked up the import prices. On a monthly basis, the won's recent weakness against the greenback, meanwhile, put upward pressure on import prices," said Lim Su-young, an official at the BOK.
The costs of Dubai crude, South Korea's benchmark, jumped 40.6 percent last month from a year earlier. South Korea, the world's fifth-largest crude buyer, relies entirely on imports for its oil needs.
The Korean won rose more than 3.4 percent against the dollar in September from a year earlier but the local unit fell 4.1 percent to the greenback from August.
Meanwhile, the country's export prices in Korean won rose 5.8 percent in September from the previous year, up from a 1.8 percent on-year gain in August, according to the BOK. That marked the fastest gain since one of 7.7 percent in April.
Compared with the previous month, export prices rose 3.4 percent in September, up from 1.3 percent in August and the biggest gain since 4.8 percent in February 2009.
The data came one day after the BOK froze the key interest rate at 3.25 percent for the fourth straight month on dimmer global economic outlooks.
Date
2011.10.14
In local currency terms, the country's import prices rose 14 percent in September from a year earlier, accelerating from a 10 percent on-year expansion in August, according to the Bank of Korea (BOK).
The September data marked the fastest expansion since a 19 percent on-year advance in April, it added.
Compared with the previous month, the growth of import prices accelerated due to the local currency's depreciation against the dollar.
Import prices climbed 3.7 percent, picking up from 0.5 percent on-month gain in August. The figure marked the highest jump since a 4.7 percent gain in December 2010.
"On-year gains in oil prices jacked up the import prices. On a monthly basis, the won's recent weakness against the greenback, meanwhile, put upward pressure on import prices," said Lim Su-young, an official at the BOK.
The costs of Dubai crude, South Korea's benchmark, jumped 40.6 percent last month from a year earlier. South Korea, the world's fifth-largest crude buyer, relies entirely on imports for its oil needs.
The Korean won rose more than 3.4 percent against the dollar in September from a year earlier but the local unit fell 4.1 percent to the greenback from August.
Meanwhile, the country's export prices in Korean won rose 5.8 percent in September from the previous year, up from a 1.8 percent on-year gain in August, according to the BOK. That marked the fastest gain since one of 7.7 percent in April.
Compared with the previous month, export prices rose 3.4 percent in September, up from 1.3 percent in August and the biggest gain since 4.8 percent in February 2009.
The data came one day after the BOK froze the key interest rate at 3.25 percent for the fourth straight month on dimmer global economic outlooks.
Source: Yonhap News (Oct. 14, 2011)