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S. Korea's import prices fall on stronger won in August

All Headlines 06:00 September 13, 2016

SEOUL, Sept. 13 (Yonhap) -- South Korea's import prices fell for a second straight month in August due to a stronger local currency, central bank data showed Tuesday.

The nation's import price index dropped 1.9 percent on-month to 74.44, according to the Bank of Korea (BOK). It marks an 8.5 percent decline from the same period last year.

The BOK said the won's strength against the U.S. dollar is to blame for the decline in import prices, despite a hike in global oil prices.

The won gained 0.48 percent against the dollar at the end of August compared to a month earlier.

The monthly average price of Dubai crude oil gained 2.6 percent to US$43.64 a barrel in August from $42.53 in July.

By item, the prices of coal and petrochemical products dropped 4.9 percent, while those of chemical and electronics products fell 2.6 percent and 2.7 percent, respectively, the data said.

The export price index also fell 1.9 percent on-month to 77.41 in August.


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