S Korea's import price up 50.6 pct in July
14/8/2008 17:32
Prices of imported goods in South Korea jumped 50.6 percent in July from a
year ago amid soaring costs of oil and other raw materials, the South Korean
central bank said today.
"Import prices jumped mainly due to rising oil and
raw material costs," said Lee Byung-doo, a Bank of Korea (BOK) official. "The
trend is likely to continue for the time being."
According to the BOK, growth
of import prices grew at the fastest pace since February 1998 when import prices
jumped 53.9 percent from a year earlier.
Prices of raw materials surged 89.9
percent last month compare to the previous yea while prices of intermediate
goods gained 34.8 percent in the same period, the central bank said, stressing
the surge in import prices is adding concerns over a further rise in the
economy's already high inflation rate.
July's consumer price growth hit a
10-year high of 5.9 percent, breaching the BOK's target range of 2.5-3.5 percent
for the eighth straight month, the BOK said.
Xinhua
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