Import prices drop in April for 1st time in 10 months: BOK

SEOUL, May 15 (Yonhap) -- Import prices fell for the first time in 10 months in April on a decrease in oil prices amid the Middle East conflict, central bank data showed Friday. The import price index fell 2.3 percent on-month last month, shifting from an 18 percent gain in March, according to the preliminary data from the Bank of Korea (BOK). It marked the first on-month drop since June last year, when the index rose 0.9 percent to end a five-month losing streak. On an on-year basis, the index climbed 20.2 percent in April. The decline came as the price of Dubai crude, South Korea's benchmark, fell 17.8 percent on-month to US$105.7 per barrel in April as the United States and Iran agreed to a ceasefire on April 7. South Korea relies heavily on energy imports. Prices of raw materials fell 9.7 percent in April from a month earlier, while intermediate goods rose 2.1 percent on-month last month. Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain. The BOK data also showed that the April export price index rose 7.1 percent from the previous month, following a 17 percent gain in March. Compared with a year earlier, the index jumped 40.8 percent. Containers are stacked at a port in Pyeongtaek, south of Seoul, on May 8, 2026. (Yonhap) brk@yna.co.kr(END)