S. Korea's import prices gain 2.3 pct in September
14/10/2008 17:16
South Korea's import prices gained 2.3 percent in September from a month
earlier despite falling oil prices due to the weaker local currency against the
US dollar, the Bank of Korea (BOK) said today.
"Raw material costs declined
as a result of falling oil prices, but import prices gained on a softer won,"
the BOK said.
In August the import prices fell 4.4 percent compared to the
previous month, marking a first decline since June 2007 when they dropped 0.3
percent month-on-month, it said.
Raw material prices in September fell 2.8
percent month-on- month due to the retreat in oil prices, lowering the import
price for the world's fifth-largest crude buyer.
However, weaker won against
the dollar offset the oil price drop putting upward pressure on inflation by
making imports more expensive.
So far this year the South Korean won has
declined more than 22 percent.
Meanwhile, the BOK Lee Seong-tae said if the
foreign exchange market stabilizes and the downward trend of oil prices
continues, the growth of inflation is expected to ease toward next
year.
Xinhua
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