S. Korea’s import price falls for 2nd month in September

SEOUL, Oct. 15 (Xinhua) — Price for imported goods to South Korea fell for the second straight month in September on cheaper crude oil and the local currency’s appreciation versus the U.S. dollar, central bank data showed Tuesday.
Import price index slipped 2.2 percent in September from a month earlier after going down 3.5 percent in the previous month, according to the Bank of Korea (BOK).
Dubai crude, South Korea’s benchmark, averaged 73.52 U.S. dollars per barrel in September, down from 77.60 dollars in August.
The average won/dollar exchange rate rose to 1,334.82 won per dollar in September from 1,354.15 won in the prior month.
Price for imported raw materials declined 3.4 percent in September on a monthly basis.
Import price for intermediary goods dipped 2.1 percent last month owing to lower prices for oil products, chemicals, primary metal products, electrical equipment, computers, electronic and optical devices.
Prices for imported capital and consumer goods were down 0.8 percent and 0.7 percent each in the cited month.
Export price index dwindled 2.3 percent in September from a month earlier after falling 2.8 percent in August. ■