S. Korea’s Import Price Rebounds on Expensive Crude Oil

OILMONSTER.COM- Price for goods imported to South Korea rebounded last month on expensive crude oil, central bank data showed Tuesday.

The import price index stood at 90.69 in September, up 1.5 percent from a month earlier, according to the Bank of Korea (BOK). It was the highest figure since November 2014.

It was a turnaround from a 0.2 percent fall in August, after rising for seven months through July.

The September rebound came as global crude oil price resumed an increase. Dubai crude, South Korea's benchmark, averaged 77.23 U.S. dollars per barrel in September, up 6.5 percent from the previous month.

Price for imported raw materials, including crude oil and liquified natural gas (LNG), gained 4.5 percent in September from a month earlier.

Intermediate goods price, such as coal and oil product, rose 0.3 percent, with consumer goods price inching up 0.1 percent.

The export price index added 0.3 percent over the month to 88.02 in September, after making no change in August. It was the highest since November 2014.

The increase came as export price for coal and oil product gained ground amid higher crude oil price. Export price for diesel and gasoline picked up 5.9 percent and 6.1 percent, respectively, in September from a month ago.

Export price for farm goods climbed 1.2 percent, with the figure for industrial products rising 0.3 percent.

Courtesy: www.xinhuanet.com