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Import prices increased at the fastest pace in 19 months in November, despite a decline in global oil prices, due largely to the weaker Korean won, central bank data showed Friday. The import price index rose 2.6 percent on-month in November, accelerating from a 1.9 percent gain in October, according to preliminary data from the Bank of Korea. The November reading marked the fastest growth since April 2024, when the index jumped 3.8 percent, and the fifth straight monthly increase. On a year-on-year basis, the index climbed 2.2 percent. The rise came as the Korean won fell markedly against the US dollar, with the currency averaging 1,457.77 won per dollar in November, compared with 1,423.36 won in October. The price of Dubai crude, South Korea’s benchmark, edged down 0.8 percent on-month to $64.47 per barrel. Import prices are a key driver of inflation, as they influence production costs and consumer prices throughout the supply chain. The data also showed that the export price index rose for a fifth consecutive month in November, increasing 3.7 percent from the previous month, though the pace slowed from October’s 4.1 percent gain. (Yonhap) submitted by /u/Substantial-Owl8342 |
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