Korea import prices on rise for third straight month

Korea's import prices rose for the third straight month in April largely due to a weaker won and the higher price of crude oil, central bank data showed Tuesday.

The import price index rose 0.7 percent in April from a month earlier, following a 0.8 percent increase tallied in March, according to the preliminary data from the Bank of Korea (BOK).

The rise came as the won weakened against the U.S. dollar, driving up the cost of overseas purchases, including crude oil.

Import prices are a major factor that determines the path of the country's overall rate of inflation.

The Korean won averaged 1,320.01 to the U.S. dollar last month, compared with 1,305.73 a month earlier.

The Dubai crude price, South Korea's benchmark, stood at $83.44 per barrel in April, up from $78.51 the previous month, according to the central bank.

The central bank is scheduled to hold its monetary policy meeting later this month and may face the daunting task of whether to freeze the rate again or raise it.

Yonhap