The import price index dipped 1.7 percent in December from a month earlier after sliding 4.4 percent in the previous month, according to the Bank of Korea (BOK).
Dubai crude, South Korea's benchmark, averaged 77.33 U.S. dollars per barrel in December, down 7.4 percent from the prior month.
The average won/dollar exchange rate declined to 1,303.98 won per dollar in December from 1,310.39 won in the previous month.
Price for imported raw materials retreated 4.6 percent in December after diving 7.4 percent in November.
Import price for intermediary goods, including oil products, slipped 0.4 percent in December on a monthly basis.
Price for imported capital goods added 0.3 percent, but the price for consumer goods lost 0.1 percent last month.
The export price index went down 0.9 percent in December on a monthly basis, keeping a downward trend for the second consecutive month.
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