Import prices up for the 4th month in a row in April

Import prices up for the 4th month in a row in April
Import prices up for the 4th month in a row in April

(Yonhap file photo)

SEOUL, May 14 (Yonhap) — Import prices rose for the fourth straight month in April due to a jump in oil prices and a weakening of the Korean won against the U.S. dollar, data showed Tuesday. data from the Bank of Korea (BOK). The import price index increased month-on-month by 3.9% last month after increasing by 0.5% in March, according to preliminary data from the central bank.

The April figure also marks an increase of 2.9% year-on-year. The base year is 2020. Import prices are a major factor determining the trajectory of the country’s inflation rate. The price of Dubai crude, one of South Korea’s benchmarks, stood at $89.17 a barrel in April, up from $80.88 the previous month, according to the BOK.

The dollar traded at an average of 1,367.83 won last month, up slightly from 1,330.7 won the previous month. The prices of raw materials increased by 5.5% over one month while those of intermediate products rose by 3.7% during the cited period.

The export price index also rose 4.1% in April after posting a 0.3% increase the previous month, the data showed. Consumer prices increased at an annual rate of 2.9% in April. It was the first time in three months that the country’s inflation rate fell below 3%.

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