Import prices rise in September after oil jumps

Import prices rebounded for the first time in four months due to a rise in oil prices amid renewed Middle East uncertainty, central bank data showed Friday.

The import price index rose 1.7 percent on-month in September, ending a three-month losing streak that started in June, according to the preliminary data from the Bank of Korea (BOK).

The BOK said the turnaround came as the price of Dubai crude, Korea's benchmark, surged 28.1 percent on-month to $113.71 in September, amid a resurgence of military tension in the Middle East.

Prices of raw materials jumped 9.6 percent in September from a month earlier, while intermediate goods dropped 1.7 percent over the cited period, according to the BOK data.

Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain.

Meanwhile, the export price index fell 0.8 percent on-month in September, partly due to a stronger Korean won, BOK data showed.

Yonhap