Export and import prices both rose last month amid a decline in the Korean currency's value against the U.S. dollar and rising oil prices. 

According to data from the Bank of Korea(BOK) on Friday, the country's export price index, in terms of the local currency, gained three-point-five percent on-month in July. 

The reading marked the eighth consecutive month of a monthly rise. From a year earlier, the index jumped 16-point-nine percent, marking the largest on-year gain since March 2009. 

Meanwhile, the import price index rose three-point-three percent on-month in July to hit the largest since April 2014. 

From a year earlier, the index soared 19-point-two percent, the largest on-year gain since December 2008. The rise is attributed to rising prices of oil and raw materials as well as the base effect.