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S. Korea's Import Prices Increase at Fastest Pace in 7 Months in April

Written: 2018-05-15 08:43:46Updated: 2018-05-15 10:02:00

S. Korea's Import Prices Increase at Fastest Pace in 7 Months in April

South Korea's import prices increased at their fastest pace in seven months in April on a rise in crude oil prices. 

According to preliminary data from the Bank of Korea(BOK) on Tuesday, the import price index came to 85-point-03 last month, up one-point-two percent from a month earlier. 

The index has been posting growth for four straight months since January. The latest growth marks the largest gain since September last year, when the index increased one-point-eight percent. 

The central bank said the increase was largely driven by prices of Dubai crude oil, which rose eight-point-eight percent on-month to an average of 68-point-27 U.S. dollars per barrel in April. 

 A BOK official, however, said that a strengthening local currency slightly alleviated the oil price hike last month. 

The export price index stood at 83-point-85 last month, unchanged from a month earlier.

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