South Korea’s import price index surges in August

South Korea’s import prices surged in August in year-on-year terms, owing to increase in global oil prices, greatly increasing prices of petroleum products. The Bank of Korea data showed that import prices in won terms rose 9 percent year-on-year and 1.5 percent on a sequential basis. The year-on-year rise was the most rapid growth since April. The sub-index for petroleum products rose 26.6 percent, while that of the raw material sub index rose 25 percent. The raw material sub-index contributed to the overall rise in import prices. The sub-indices for intermediate goods, capital goods and consumer goods rose 6.3 percent, 1 percent and 0.3 percent, respectively.

Meanwhile, export prices also rose in the month. On a sequential basis, the export price index rose 0.5 percent in won terms. On a year-on-year basis, the export price index rose 10.7 percent in August. The agricultural, forestry & marine products sub index rose 7.4 percent year-on-year. Meanwhile, manufacturing products sub-index rose 10.7 percent.

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