South Korea's import prices fell for the first time in six months as the local currency appreciated to the U.S. dollar, central bank data showed on Tuesday.
The import price index stood at 83.12 in February, down 2.2 percent from the previous month, according to the Bank of Korea (BOK). It was the first decline since August last year.
The import prices reflect consumer price inflation in one to two months ahead. In recent months except February, the inflation was accelerated by higher prices of imported goods such as oil products and farm goods.
The fall in February was attributable to the South Korean currency's ascent to the dollar. The won/dollar exchange rate averaged 1,144.92 won per dollar in February, down 3.4 percent from the prior month.
Dubai crude, South Korea's benchmark, rose 1.3 percent last month, but it was offset by local currency's gain to the dollar.
Prices for imported raw materials declined 1.5 percent last month, with crude prices sliding 2.2 percent. Those for capital and consumer goods shed 2.2 percent.
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