S. Korea Import Prices Increase for Seventh Straight Month

(MENAFN) Mining and metal costs pushed South Korea's import prices higher for a seventh consecutive month in January, official statistics disclosed Friday, as surging commodity expenses overpowered benefits from falling oil and a stronger currency.

The Bank of Korea (BOK) reported the import price index rose 0.4 percent from December, marking continuous growth stretching back to July of last year.

Mineral and metal price increases drove the prolonged climb, neutralizing favorable conditions from both declining crude costs and the won's gains against the U.S. dollar.

Dubai crude—South Korea's reference benchmark—slipped to an average $61.97 per barrel in January from $62.05 the month prior. The won simultaneously strengthened, trading at an average 1,456.51 per dollar compared to December's 1,467.40.

Raw material import costs, encompassing mining products, accelerated 0.9 percent month-over-month in January—double the 0.4 percent increase recorded in December.

Intermediary goods prices advanced 0.8 percent, with primary metal products rocketing 6.3 percent higher.

Capital goods imports fell 0.3 percent while consumer goods imports dropped 1.4 percent.

Export prices maintained momentum, climbing 4.0 percent from December and extending gains for the seventh month since July.

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