The import price index came in at 153.49 in July, down 0.9 percent from the previous month, according to the Bank of Korea (BOK).
Price for imported raw materials, including crude oil, declined 2.6 percent in the cited month.
Dubai crude, South Korea's benchmark, averaged 103.14 U.S. dollars per barrel in July, down 8.9 percent from the prior month.
Import price for coal and oil products retreated 3.3 percent last month, and price for primary metal products dipped 2.3 percent.
Price for imported capital and consumer goods gained 1.2 percent and 0.8 percent respectively.
The export price index went down 2.1 percent in July from a month earlier, marking the first slide in seven months.
Price for exported coal and oil products tumbled 11.0 percent, and those for primary metal and chemical products were down 3.1 percent and 2.2 percent each.
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