Import prices plummet as inflation pressures cool

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Import prices plummet as inflation pressures cool

Korea’s import prices fell by the most in 30 months in September as prices of agricultural products and some commodities declined, the central bank said yesterday.

In local currency terms, the country’s import prices declined 2.4 percent in September from the previous year, a turnaround from a 0.3 percent on-year gain in August, according to the Bank of Korea. The August fall marked the steepest decline since March 2010, when the prices shed 4.3 percent on-year.

Import prices, a gauge of future consumer inflation, rose 0.9 percent in September compared with August, when they climbed 1.7 percent on-month, the BOK added.

Yonhap

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