Import prices up for 3rd month in March on oil, raw materials price hikes

South Korea's import prices increased for the third straight month in March as prices of crude oil and other commodities rose, central bank data showed Thursday.

The import price index rose 7.8 percent in March from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed 4.4 percent and 4.6 percent rises in January and February, respectively.

The rise came as the ongoing war in Ukraine has sent oil and other raw materials prices even higher.

The BOK said the average monthly import prices of Dubai crude oil, South Korea's benchmark, stayed at US$110.93 per barrel in March, up 20.1 percent from a month earlier. From a year earlier, the prices jumped 72.1 percent.

(Yonhap)

Raw materials prices also rose 13.7 percent on-month in March, the data showed.

Rising import prices have added to woes for South Korea, which is currently striving to rein in climbing inflation pressure amid protracted supply chain disruptions and a rebound in demand from the pandemic.

Lockdowns imposed in major cities in China due to spiking coronavirus infections have also spawned worries over more supply constraints.

South Korea's consumer prices grew 4.1 percent in March from a year earlier, the fastest gain in more than 10 years. The price growth quickened from a 3.7 percent on-year rise in February. (Yonhap)