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South Korea: Import prices rise

15/07/2022
Categories: Sectors

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Rising crude oil costs caused South Korea's import prices to rise for the second straight month in June, according to Bank of Korea figures released Friday.

Korea's import price index reached 154 points 84 in June, which is an increase of 0.5% compared to May. However, it should be noted that the growth rate in June slowed down compared to the previous month, which recorded an increase of 3.8%. This rise in import prices for the second consecutive month in June is attributable to an increase in world oil prices. Indeed, Dubai crude prices, the South Korean benchmark, grew by 4.7 percent last month compared to the previous month, pushing up coal product prices by 3.8 percent.

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