South Korea's import price rose for the seventh consecutive month on the local currency's depreciation to the U.S. dollar, central bank data showed Tuesday.
The import price index stood at 89.91 in July, up 1.7 percent from a month earlier, according to the Bank of Korea (BOK).
The index touched the highest since November 2014, keeping an upward trend for seven months in a row.
Despite the cheaper crude oil, the South Korean currency weakened to the greenback, raising the import costs.
The won/dollar exchange rate averaged 1,122.8 won per dollar in July, up 2.7 percent from the previous month. The global crude oil price declined 0.7 percent last month.
Prices for imported raw materials rose 0.4 percent in July. Liquefied natural gas (LNG) price gained 2.7 percent, with those for corn and beef picking up more than 3 percent.
Intermediate goods price advanced 2.4 percent. Prices for imported naphtha and bunker C oil were up more than 4 percent, with those for coal and oil products gaining ground.
Prices for imported capital and consumer goods added 2.5 percent and 1.6 percent, respectively.
The import price index stood at 89.91 in July, up 1.7 percent from a month earlier, according to the Bank of Korea (BOK).
The index touched the highest since November 2014, keeping an upward trend for seven months in a row.
Despite the cheaper crude oil, the South Korean currency weakened to the greenback, raising the import costs.
The won/dollar exchange rate averaged 1,122.8 won per dollar in July, up 2.7 percent from the previous month. The global crude oil price declined 0.7 percent last month.
Prices for imported raw materials rose 0.4 percent in July. Liquefied natural gas (LNG) price gained 2.7 percent, with those for corn and beef picking up more than 3 percent.
Intermediate goods price advanced 2.4 percent. Prices for imported naphtha and bunker C oil were up more than 4 percent, with those for coal and oil products gaining ground.
Prices for imported capital and consumer goods added 2.5 percent and 1.6 percent, respectively.
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