SEOUL: Prices of goods imported by South Korea rose for two straight months as the country’s currency weakness to the U.S. dollar increased costs for commodity imports, central bank data showed Friday.
In local currency terms, the import price index gained 0.6 percent in June from a month earlier after climbing 1.3 percent, according to the Bank of Korea (BOK).
A fall in the South Korean won to the dollar offset lower crude oil prices. The local currency declined 1.9 percent to the greenback last month. Dubai crude, South Korea’s benchmark, averaged 60.84 dollars per barrel last month, down 3.5 percent from the prior month.
Prices for imported raw materials declined 0.6 percent in June on a monthly basis, but those for farm goods rose 2.6 percent.
Intermediate goods prices, including chemicals, added 1 percent last month, and prices for capital and consumer goods gained more than 1 percent.
The export price index advanced 1.2 percent in June from a month earlier. Export prices for farm goods added 1.9 percent, with those for industrial products rising 1.1 percent.
