Stacks of containers are piled up at a port in Korea’s southeastern metropolis of Busan on this file photograph. Yonhap
Korea’s import costs fell for the primary time in 5 months in February due primarily to falling world oil costs, central financial institution information confirmed Friday.
The import worth index shed 0.8 % from a month earlier in February, following a 2.2 % on-month enhance the earlier month, based on the preliminary information from the Financial institution of Korea (BOK).
The index fell for the primary time since September, as the common worth of Dubai crude, Korea’s benchmark, fell 3.1 % from a month earlier to a mean of $77.92 per barrel in February, authorities information confirmed.
From a 12 months earlier, the index superior 4.6 % in February.
Import costs of uncooked supplies went down 2.3 % on-month in February, whereas these of intermediate items inched down 0.2 %, based on the BOK.
Import costs are a significant factor that decide the trail of the nation’s total price of inflation.
The export worth index misplaced 0.6 % from a month earlier in February, additionally marking the primary on-month fall in 5 months.
In contrast with a 12 months earlier, the index surged 6.3 %.
Shopper costs, a key gauge of inflation, rose 2 % from a 12 months earlier in February following 2.2 % progress in January.
The central financial institution earlier forecast shopper costs to develop 1.9 % yearly in 2025. (Yonhap)
