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S. Korea's Import Prices Hit Near 4-Year High in Sept.

Written: 2018-10-16 09:09:02Updated: 2018-10-16 10:40:27

S. Korea's Import Prices Hit Near 4-Year High in Sept.

Photo : YONHAP News

South Korea's import prices rebounded to a near four-year high in September due to a spike in crude oil.

According to preliminary data from the Bank of Korea(BOK) on Tuesday, the import price index came to 90-point-69 last month, up one-point-five percent from August.

The index had dropped point-two percent in August after increasing for seven straight months since January. The September figure marked the highest monthly figure since November 2014, when the index touched 91-point-23.

The rebound is attributed to rising oil prices. Dubai crude, South Korea's benchmark, jumped six-and-a-half percent on-month in September to an average of 77-point-23 dollars per barrel. 

A BOK official said that Dubai crude recently surpassed 80 dollars per barrel and import prices will be affected if the rise in crude oil prices continues.

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