S. Korea eyes chip alliance with Netherlands
Suneung without 'killer questions' still not easy, results show
US defense policy bill calls for maintaining 28,500 US troops in Korea
Teens' excessive smartphone use linked to mental health risk: study
SK carries out complete reshuffle of top brass
S. Korea, US, Japan to discuss regional security issues: White House
Ruling party reform committee disbands early, says job half done
Auditor says Moon govt distorted 2020 death of fisheries official
Ex-justice minister's daughter attends forgery trial in college admissions scandal
Moon officials tried to cover up North Korea’s murder of South Korean: state inspectors
Import prices up for 2nd month in June on high energy, raw material costsBy Yonhap
Published : July 15, 2022 - 08:51
South Korea's import prices grew for the second straight month in June as oil and raw material prices remained high, central bank data showed Friday.
The import price index edged up 0.5 percent in June from a month earlier, according to the preliminary data from the Bank of Korea (BOK).
This marked the second straight month of on-month increase following a revised rise of 3.8 percent in May.
Compared with a year earlier, the index jumped 33.6 percent, the 16th consecutive month of on-year increase.
Behind the rise were high prices of oil and raw materials for which South Korea depends heavily on imports.
In particular, the prices of Dubai crude oil, South Korea's benchmark, stood at $113.27 per barrel on average last month, up 4.7 percent from the previous month. The oil prices were up 58.2 percent from a year earlier.
Raw material prices also grew 3.1 percent on-month in June.
Import prices are closely monitored as a rise can add to price pressures at a time when South Korea is grappling with rising inflation.
Consumer prices, a key gauge of inflation, soared 6 percent last month from a year earlier. It was the sharpest price increase since a 6.8 percent jump in November 1998, when South Korea was in the midst of the 1997-98 Asian financial crisis.
On Wednesday, the BOK delivered its first-ever "big-step" rate hike of 50 basis points to rein in fast-growing inflation pressure. It was the sixth rate increase since August last year. (Yonhap)
4 contentious bills scrapped in revote after Yoon's veto
S. Korea logs current account surplus for 6th month in October
Ex-Democratic Party chair denies bribery, illegal campaign allegations