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Import prices rise for seventh straight month as raw material costs climb: Korea's central bank

Published: 13 Feb. 2026, 13:49

An export and import cargo is stacked at Sinseondae Terminal in Busan Port on July 31, 2025. [YONHAP]

Import prices increased for the seventh consecutive month in January, despite a decline in global oil prices and the stronger local currency, due largely to an increase in prices of raw materials, central bank data showed Friday.

The import price index rose 0.4 percent from a month earlier in January, slowing from a 0.9 percent increase in December, according to the preliminary data from the Bank of Korea (BOK).

The figure has been increasing steadily since July 2025.

On a year-on-year basis, however, the index shed 1.2 percent in January.

"The won-dollar exchange rate and global oil prices served as downward factors, but gains in primary metal products and mining products pushed up the overall index," a BOK official said.

Prices of raw materials rose 0.9 percent on-month, led by copper ore, liquefied natural gas and mining products.

The price of Dubai crude, Korea's benchmark, however, edged down 0.1 percent on-month to $61.97 per barrel in January.

The Korean won rose against the U.S. dollar, with the currency averaging 1,456.51 won per dollar in January, compared with 1,467.4 won in December.

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

The data showed that the export price index also rose for the seventh consecutive month in January, surging 4 percent from the previous month.

"This month, the won has remained at a level similar to the previous month, while global oil prices are up about 8 percent from January's average. We will closely monitor the situation given the possibility of heightened volatility toward the end of the month," the official added.

Yonhap