The import price index retreated 2.8 percent in May from a month earlier after gaining 1.9 percent in February, 0.8 percent in March, and 0.4 percent in April each, according to the Bank of Korea (BOK).
The local currency depreciated to the greenback, but the global oil price went down to cut import costs.
Dubai crude, South Korea's benchmark, averaged 74.96 U.S. dollars per barrel in May, down from 83.44 dollars in the previous month.
The average won/dollar exchange rate climbed to 1,328.21 won per dollar in May from 1,320.01 won in the previous month.
The price for imported raw materials declined 6.3 percent last month, and intermediary goods price dwindled 1.6 percent.
Import prices for capital and consumer goods added 0.1 percent and 0.3 percent, respectively.
The export price index slipped 1.3 percent in May on a monthly basis, logging the first slide in four months.
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