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Import prices rise for 8th month in February on rising oil prices: BOK

Published: 17 Mar. 2026, 10:07

Gas prices are displayed on a gas station in Seoul on March 8. [YONHAP]

Import prices increased for the eighth consecutive month in February due mainly to an increase in global oil prices, central bank data showed Tuesday.

The import price index rose 1.1 percent on-month last month, accelerating from a 0.4 percent increase in January, according to the preliminary data from the Bank of Korea (BOK).

The figure has been on a constant increase since July 2025.

On an on-year basis, the index also grew 1.2 percent in February.

The increase came as the price of Dubai crude, Korea's benchmark, climbed 10.4 percent on month to $68.4 per barrel in February.

Prices of raw materials rose 3.9 percent, while intermediate goods saw a 0.2 percent on-month price increase.

The Korean won rose against the U.S. dollar, with the currency averaging 1,449.32 won per dollar in February, compared with 1,456.51 won a month earlier.

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 eighth consecutive month in February, rising 2.1 percent from the previous month.

Going forward, the crisis in the Middle East could put additional upward pressure on import prices.

"Since Feb. 28 when the United States and Israel conducted airstrikes on Iran, Dubai crude prices rose 58.6 percent through March 13 and the local currency weakened markedly. These factors are likely to push up import prices further in March," BOK official Lee Moon-hee told a press briefing.

"High oil prices are also likely to affect consumer prices relatively quickly through higher petroleum product costs," he added.

Yonhap