Import prices fell for the first time in seven months in November due to a fall in oil prices. 

According to data from the Bank of Korea(BOK) on Tuesday, the country's import price index came to 130-point-17 in November, down zero-point-six percent from a month earlier. 

The reading marks the first drop since May, but compared to a year earlier, it soared 35-point-five percent. 

The drop is attributed to a fall in oil prices, with prices of Dubai crude, South Korea's benchmark, slipping one-point-six percent in November. 

Export prices also dropped one percent on-month in November. It marked the first drop since November last year, but surged 25-point-five percent from a year earlier.