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Import prices rise for 6th month in December on weaker won: BOK

Published: 14 Jan. 2026, 08:44 Updated: 14 Jan. 2026, 17:15

Export-bound vehicles stand at Pyeongtaek Port in Pyeongtaek, Gyeonggi, on Jan. 13. [NEWS1]

Import prices increased for the sixth consecutive month in December, despite a decline in global oil prices, due largely to the weaker local currency, central bank data showed Wednesday.

The import price index rose 0.7 percent from a month earlier in December, slowing from a 2.4 percent increase in November, according to the preliminary data from the Bank of Korea (BOK).

The figure has been on a constant increase since July 2025.

On a year-on-year basis, the index climbed 0.3 percent in December.

The increase came as the Korean won fell against the U.S. dollar, with the currency averaging 1,467.4 won per dollar in December, compared with 1,457.77 won in November.

The price of Dubai crude, Korea's benchmark, fell 3.8 percent on-month to $62.05 per barrel in December.

Import prices are a key driver of inflation, as they influence production costs and consumer prices throughout the supply chain.

The data also showed that the export price index rose for the sixth consecutive month in December, climbing 1.1 percent from the previous month.

"So far this month, crude oil prices and the local currency have declined compared with the previous month's average," BOK official Lee Moon-hee told a press briefing. "But uncertainties in domestic and global conditions remain high, and we are monitoring the situation."

Yonhap