The country’s import prices rose at the steepest pace in 17 months in August due to a spike in global oil prices.

According to data released by the Bank of Korea on Wednesday, the nation's import price index marked 135-point-96 in August, up four-point-four percent from a month earlier.

The rise marks the largest since last March when it soared seven-point-six percent. However, on-year import prices are down nine percent.

An official at Statistics Korea said that August saw a sharp rise in prices of coal and petroleum products as oil producers slashed crude oil production. 

The price of Dubai Crude, South Korea's benchmark, climbed seven-point-five percent from 80-point-45 dollars per barrel in July to 86-point-46 dollars per barrel in August.

The export price index posted 117-point-52 last month, up four-point-two percent from a month earlier, also the largest gain since March of last year.