Import prices decrease in May for 21st straight month

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Import prices decrease in May for 21st straight month

Korea’s import prices in May fell for the 21st consecutive month in annual, local-currency terms although the pace slowed from April, data showed yesterday, as the won strengthened against the dollar.

Import prices in won fell 6.8 percent in May from a year earlier following a revised 6.9 percent fall in April, Bank of Korea data showed, supporting market views that inflation in Asia’s fourth-largest economy will stay low for a while.

A Bank of Korea official attributed the fall to the won strengthening 7.7 percent against the dollar year-on-year.

Reuters

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