The import price index declined 2.6 percent in October from a month earlier, according to the Bank of Korea (BOK). The index continued to skid for four months since July.
Price for imported mining products retreated 3.6 percent on lower global crude oil price. Dubai crude, South Korea's benchmark, averaged 40.67 U.S. dollars per barrel in October, down from 41.51 dollars in September.
The South Korean currency appreciated versus the greenback. The won/dollar exchange rate averaged 1,144.68 won per dollar in October, down from 1,178.80 won tallied in September.
The export price index slumped 2.6 percent in October from a month earlier, marking the fastest slide in 22 months since December 2018.
The index kept skidding for three months running amid the local currency's ascent to the dollar.
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