The country's import prices fell for the second consecutive month in August on the back of a drop in crude oil prices last month.

According to data from the Bank of Korea on Friday, the country's import price index stood at 149-point-45 in August, down zero-point-nine percent from a month earlier.

August marks the second consecutive month of decline after the reading dropped two-point-five percent on-month in July.

From a year ago, the index remains high with a gain of 22 point-nine percent. 

The fall in the August reading is attributed to a decline in global oil prices. The price of Dubai Crude, South Korea's benchmark, fell six-point-three percent last month, pulling down the prices of oil and mining products by two-point-two percent.

Export prices dropped zero-point-nine percent on-month to 128-point-17 in August to also post a downturn for the second straight month, although it was a gain of 13-point-four percent on-year.