Key facts
- Import prices rose 1.7% in September.
- Dubai crude oil prices increased 28.1% in September.
- Export prices fell 0.8% in September.
South Korea's import prices rebounded in September, rising 1.7% from the previous month, according to preliminary data from the Bank of Korea. This marks the first monthly increase in four months, breaking a losing streak that began in June. The turnaround was attributed to a significant surge in oil prices, with Dubai crude, the country's benchmark, jumping 28.1% on-month to US$113.71 in September. This rise in oil prices was fueled by renewed uncertainties in the Middle East. Prices for raw materials also saw a substantial increase of 9.6% in September, although prices for intermediate goods dropped by 1.7%. The Bank of Korea noted that import prices are a key factor influencing inflation by affecting production costs and consumer prices throughout the supply chain. In contrast, the export price index fell by 0.8% on-month in September, partly due to a stronger Korean won.