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Import Prices Jump 2.2% in October, Largest Gain in 6 Months

Written: 2024-11-13 09:13:48Updated: 2024-11-13 10:26:52

Import Prices Jump 2.2% in October, Largest Gain in 6 Months

Photo : YONHAP News

The country’s import prices jumped more than two percent in October due to the won’s depreciation against the U.S. dollar and a rise in global oil prices. 

According to data from the Bank of Korea on Wednesday, the country’s import price index reached 137-point-61 in October, up two-point-two percent from a month earlier.

That’s the largest gain since April, when the prices jumped three-point-eight percent. 

The export price index grew one-point-seven percent month-on-month to 128-point-92 in October.

Import and export prices both rose in October after falling for two straight months. 

The central bank attributed the rises to the depreciation of the local currency, which weakened two percent against the U.S. dollar last month.

Another factor was a rise in oil prices, with the price of Dubai Crude, South Korea’s benchmark, increasing one-point-nine percent month-on-month in October.

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