Import costs elevated on the quickest clip in 9 months in October, regardless of falling world oil costs, due primarily to a weaker Korean received, central financial institution knowledge confirmed Friday.
The import value index climbed 1.9 p.c from a month earlier in October, following a 0.2 p.c on-month rise in September, in keeping with preliminary knowledge from the Financial institution of Korea (BOK).
It marks the sharpest on-month improve since January, when the index jumped 2.2 p.c, in addition to the fourth consecutive month of rise.
From a 12 months earlier, the index gained 0.5 p.c.
The uptick got here because the native forex sharply weakened to a median of 1,423.36 received in opposition to the U.S. greenback final month, in contrast with 1,391.83 received in September.
The value of Dubai crude, Korea’s benchmark, fell 7.2 p.c on-month to $65 per barrel.
Import costs are a key driver of inflation, as they have an effect on manufacturing prices and client costs throughout the availability chain.
The information additionally confirmed that the export value index rose for the fourth consecutive month in October, surging 4.1 p.c from the earlier month.
“In November, the native forex has weakened additional and world oil costs have been trending upward. However uncertainties stay relating to import and export costs, and it stays to be seen how the indexes will transfer going ahead,” Financial institution of Korea official Lee Moon-hee informed a press briefing.
