Key facts
- South Korea's import prices fell for the second consecutive month in July.
- A stronger won against the U.S. dollar contributed to the price decrease.
- Lower oil prices also played a role in the decline of import prices.
- The import price index decreased by 1% month-on-month in July.
- The import price index fell by 4.2% in June.
South Korea experienced a decline in import prices for the second consecutive month in July. This decrease was primarily attributed to two key factors: a stronger South Korean won relative to the U.S. dollar and a reduction in global oil prices. The import price index recorded a 1% fall on a month-on-month basis in July. This follows a more substantial decrease of 4.2% observed in June. The continued downward trend in import prices suggests a moderation of inflationary pressures stemming from goods brought into the country.