Seoul: The Republic of Korea’s import prices fell for a second straight month in September due to a fall in global oil prices and the strengthening Korean won, central bank data showed Tuesday.

Yonhap News Agency quoted the Bank of Korea (BOK) as saying that the import price index declined 2.2 percent last month from a month earlier following a 3.5 percent on-month fall the previous month.

From a year earlier, import prices also fell 3.3 percent last month following a 1.8 percent on-year advance the previous month, the data showed.

The Korean won averaged 1,334.82 against the greenback last month, up from 1,354.15 the previous month.

Import prices of raw materials dipped 3.4 percent on-month last month, while those for intermediate goods also declined 2.1 percent over the cited period.

The export price index also fell 2.3 percent last month after a 2.8 percent on-month dip the previous month, according to the data.

Korea’s consumer prices slowed to the lowest level in 3 1/2 years in September, falling b
elow 2 percent for the first time since early 2021.

Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent increase a month earlier.

September’s figure marked the lowest level since February 2021, when consumer prices grew 1.4 percent.

Source: Emirates News Agency