S.Korea's import price rises on weak local currency

2019-06-14 13:13

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SEOUL, June 14 (Xinhua) -- South Korea's import price rose last month on the local currency's weakness to the U.S. dollar, central bank data showed Friday.

The import price index stood at 113.66 in May, up 2.2 percent from a month earlier, according to the Bank of Korea (BOK).

Despite the lower price for global crude oil, the local currency's depreciation to the dollar raised the price for imported goods. The won/dollar exchange rate averaged 1,183.29 won per dollar in May, up 42.34 won from the previous month.

Price for imported raw materials gained 1.4 percent last month, with the figure for intermediate goods climbing 2.4 percent.

Prices for capital and consumer goods increased 3.4 percent and 2.6 percent respectively.

The export price index advanced 2.6 percent from a month earlier to 103.16 in May, after rising 0.7 percent in the prior month.

Price for the exported DRAM chips shed 0.5 percent on the downturn in business cycle of the global chip industry, but the prices for other major export items, such as mobile phone, electronics and transport equipment, gained on the weak domestic currency.
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