Korea’s import price continues to rise on expensive crude oil

Korea’s import price continues to rise on expensive crude oil

Seoul, April 14 (UNI/Xinhua) The price of goods imported into South Korea continued to rise last month due to rising prices of raw materials, especially crude oil, data from China showed on Thursday. central bank. The import price index reached 148.80 in March, marking the highest since relevant data began to be compiled in 1971, according to the Bank of Korea (BOK). It rose 7.3% from the previous month, recording the largest increase in nearly 14 years since May 2008. The index continued to advance for the third month in a row. The price of imported raw materials jumped 13.7% in March compared to the previous month. Dubai crude, the South Korean benchmark, averaged $110.93 a barrel in March, down from $92.36 in February. The import price of coal and petroleum products jumped 19.1% and that of primary metal products increased by 5.5%. Prices of imported capital and consumer goods rose 0.7% and 1.3% last month. The export price index stood at 125.03 in March, up 5.7 percent from the previous month. This is the highest since April 2009. UNI/XINHUA GNK

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