June Import Price Index Rises 0.5% Due to High Oil Prices... Uptrend Continues for 2 Consecutive Months

[Asia Economy Reporter Seo So-jeong] As international oil prices continue to rise, the import price index in June increased by 0.5% compared to the previous month, marking two consecutive months of growth. It has also been on an upward trend for 16 consecutive months compared to the same month last year.

According to the Bank of Korea on the 15th, the June import price index (provisional figure based on the Korean won, 2015 level 100) recorded 154.84, rising 0.5% from the previous month. Compared to the same month last year, it increased by 33.6%.

The import price index fell by 0.9% month-on-month in April as international oil prices slightly stalled, marking the first decline in four months, but it rebounded in May and continued to rise in June.

The Bank of Korea explained the rise in the import price index as being due to "increases in international oil prices along with prices of minerals and other commodities." The average monthly price of Dubai crude oil rose 4.7% from $108.16 in May to $113.27 in June.

By item category, raw materials, centered on minerals, rose 3.1% month-on-month, while intermediate goods such as coal, petroleum products, and primary metal products fell 1.5%. Capital goods and consumer goods showed a 0.1% increase and remained flat, respectively, compared to the previous month.

The export price index in June was 132.81, up 1.1% from the previous month. After declining in December last year, it has been rising for six consecutive months.

Compared to the same month last year, it rose 23.7%, marking 17 consecutive months of increase. The Bank of Korea explained that "coal and petroleum products, as well as chemical products, showed an upward trend."

By item category, agricultural, forestry, and fishery products fell 1.2% month-on-month, and manufactured goods such as primary metal products, computers, and electronic and optical devices declined. However, coal and petroleum products and chemical products rose, resulting in a 1.2% increase compared to the previous month.