South Korea's September import prices rebound for the first time in four months as Middle East tensions push oil prices higher

Deep News07:40

South Korea's import prices rose in September for the first time in four months, driven by higher oil prices caused by renewed instability in the Middle East, according to data released by the Bank of Korea on Friday.

Preliminary data from the Bank of Korea showed that the import price index climbed 1.7% month-on-month last month, ending three consecutive months of declines since June.

The Bank of Korea said the reversal came as Dubai crude, the benchmark for South Korean oil prices, surged 28.1% month-on-month in September to $113.71 per barrel amid renewed military tensions in the Middle East.

According to the Bank of Korea, raw material prices rose 9.6% in September from the previous month, while intermediate goods prices fell 1.7% over the same period.

The Bank of Korea noted that import prices are a key driver of inflation because they affect production costs and consumer prices throughout the supply chain.

Meanwhile, Bank of Korea data showed that the export price index fell 0.8% month-on-month in September, partly due to the stronger South Korean won.

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