The growth of South Korea's import prices picked up in October posting a 47.1 percent gain from a year ago, up from a 42.6 percent increase in a month earlier, the Bank of Korea said today.

Import prices advanced 4.1 percent in October from a month earlier, accelerating from a 2.3 percent gain in September, the BOK added.

"Raw material costs declined due to falling oil prices, but growth in import prices accelerated in October on a softer won," said Lee Byung-doo, an official of the BOK.

Price of raw material rose 47.3 percent in October, slowing from a 59.1 percent gain the previous month.

However, a weaker local currency against the dollar outweighed retreats in oil prices making imports more expensive.

South Korean won has declined almost 33 percent against the greenback so far this year.

The BOK said the growth in import prices is expected to slow down the road, if the won does not sharply weaken against the US dollar.