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Import prices rebound for first time in 6 months: BOK

Published: 14 Aug. 2025, 11:24 Updated: 14 Aug. 2025, 15:42

Containers are piled up at a port in Pyeongtaek, Gyeonggi, on Aug. 7. [NEWS1]

Import prices rose for the first time in six months in July, driven by rising global oil prices and a weaker Korean won, central bank data showed Thursday.

The import price index went up 0.9 percent last month from a month earlier, rebounding after a five-month losing streak, according to preliminary data from the Bank of Korea (BOK).

The increase came as the average price of Dubai crude, Korea's benchmark, climbed 2.3 percent from a month earlier to an average $70.87 per barrel in July.

Also attributable was the local currency falling 0.6 percent against the U.S. dollar to an average 1,375.22 won per dollar in July, the BOK said.

Import prices are a key factor of inflation as they affect production costs and consumer prices through the supply chain.

The export price index also rose for the first time in four months in July, gaining 1 percent from the previous month, the data showed.

Yonhap