ROK's import price growth accelerates in Sept

Updated: 2011-10-14 09:39

(Xinhua)

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SEOUL- South Korea's import price growth accelerated in September compared with the previous month due to the local currency's depreciation against the US dollar, the central bank said Friday.

In local currency terms, the country's import prices jumped 14 percent in September from a year earlier, faster than a 10 percent on-year advance tallied in August, the Bank of Korea (BOK)said in a monthly report.

From a month earlier, import prices gained 3.7 percent, accelerating from a 0.5 percent on-month growth recorded in a month before.

The South Korean won's depreciation versus the greenback and rising global oil prices attributed to the faster import price growth in September, according to the BOK.

Raw material import prices climbed 4.1 percent on-month in September, a turnaround from a 0.6 percent on-month drop in August, according to the report. Agricultural product prices rose 2.6 percent on-month in September, in addition to prices for imported mining products gaining 4.2 percent on-month over the cited period.

Prices for imported intermediate goods increased 3.4 percent in September from a month earlier as most intermediate product prices showed an on-month gain, according to the BOK. Prices for petroleum products jumped 4 percent on-month in September, with prices for chemical and steel products rising 4.4 percent and 2.8 percent respectively.

In US dollar terms, import prices advanced 18.2 percent in September from a year earlier, indicating the South Korean won depreciated against the dollar.