Import prices rose for the first time in six months in July, driven by rising global oil prices and a weaker Korean won, central bank data showed Thursday.
The import price index went up 0.9 percent last month from a month earlier, rebounding after a five-month losing streak, according to preliminary data from the Bank of Korea .
The increase came as the average price of Dubai crude, South Korea's benchmark, climbed 2.3 percent from a month earlier to an average $70.87 per barrel in July.
Also attributable was the local currency falling 0.6 percent against the US dollar to an average 1,375.22 won per dollar in July, the BOK said.
Import prices are a key factor of inflation as they affect production costs and consumer prices through the supply chain.
"In August, global oil prices and the won-dollar exchange rate are moving in opposite directions, and uncertainties persist both at home and abroad. We need to monitor how things develop down the road," BOK official Lee Moon-hee told a press briefing.
The export price index also rose for the first time in four months in July, gaining 1 percent from the previous month, the data showed.
Consumer prices, a key gauge of inflation, increased 2.1 percent on-year in July, marking the second consecutive month of growth above the 2 percent level. (Yonhap)
