Key facts
- Raw material import prices fell 3% in October from a month earlier, the Bank of Korea said.
- Intermediate goods import prices dropped 1% on-month in October, according to the central bank data.
- The import price index had declined for three consecutive months since June before September's gain.
- The Bank of Korea said import prices feed production costs and consumer prices through the supply chain.
South Korea's import price index fell 1.8% in October from September, reversing a 1.9% on-month gain the previous month, according to preliminary data from the Bank of Korea published on November 13, 2026. The index had declined for three consecutive months since June before the September increase.
The Bank of Korea said the October decline came as the Korean won strengthened 1.6% against the US dollar over the one-month period, while Dubai crude, South Korea's benchmark, fell 2.6%.
Prices of raw materials decreased 3% in October from a month earlier, while intermediate goods dropped 1%, the central bank data showed. The Bank of Korea said import prices are a key driver of inflation because they affect production costs and consumer prices through the supply chain.
The October export price index climbed 0.7% from the previous month, turning around from a 0.5% on-month decline in September and a 3.5% drop in August, the data showed.