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Import prices up in May due to rising oil prices

All News 06:00 June 16, 2022

SEOUL, June 16 (Yonhap) -- South Korea's import prices grew in May as crude oil prices increased, central bank data showed Thursday.

The import price index rose 3.6 percent in May from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

The rise followed a revised 0.6 percent on-month decline in April. which was the first fall this year.

From a year earlier, the price index jumped 36.3 percent, which was the 15 straight month of increase.

May's turnaround stemmed from rising crude oil prices.

The prices of Dubai crude oil, South Korea's benchmark, stood at US$108.16 per barrel on average last month, up 5.2 percent from the previous month, the data showed.

Oil prices have stayed high, driven by increased demand and the ongoing war in Ukraine that has snarled energy shipping.

Import price movements are closely monitored as a rise can add to price pressures at a time when South Korea is grappling with rising inflation.


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