South Korea's import prices fell for the first time in three months in July with a drop in crude oil prices last month.

According to data from the Bank of Korea on Friday, the country's import price index marked 153-point-49 in July, down zero-point-nine percent from a month earlier.

While the reading marked the first on-month fall in three months, it was a 27-point-nine percent gain from a year ago.

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

The export price dropped two-point-one percent on-month to 129-point-76 in July, posting the first drop after six straight months of increases.

From a year earlier, it rose 16-point-three percent.