S. Korea's import prices rise in November

SEOUL, Dec. 14 (Yonhap) -- South Korea's import prices rebounded in November as
the impact of rising oil prices outweighed the local currency's ascent, the
central bank said Monday.
In local currency terms, import prices rose 1.9 percent in November from the
previous month, compared with a 1.1 percent decline in October, according to the
Bank of Korea (BOK). It marked the first monthly rise since August when the
prices climbed 2.1 percent.
The import prices declined 7.5 percent in November from a year ago, compared with
a 15.3 percent fall in October and marking the eighth straight month of decline,
it added.
Raw material prices rose 4.4 percent on-month in November mainly because oil
prices gained. Amid signs of global economic recovery and the dollar's weakness,
oil costs have been on the rise, hovering around US$70 per barrel. South Korea,
the world's fifth-largest crude oil buyer, relies entirely on imports for its oil
needs.
The Korean currency rose an average of 0.95 percent against the U.S. dollar in
November compared with the previous month.
sooyeon@yna.co.kr
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