import prices-March

import prices-March

Import prices up in March for 2nd month on weaker won

SEOUL, April 13 (Yonhap) -- South Korea's import prices rose for the second straight month in March as a weaker won raised the cost of purchasing chemical and metal goods, central bank data showed Thursday.

The import price index rose 0.8 percent in March from a month earlier, following a 1.9 percent advance tallied in February, according to the preliminary data from the Bank of Korea (BOK).

The rise came as the won weakened against the U.S. dollar, driving up the cost of overseas purchases, including chemical and metal goods, despite a decline in oil prices.

Import prices are a major factor that determines the path of the country's overall rate of inflation.

South Korea's consumer prices, the main gauge of inflation, rose 4.2 percent in March from a year earlier, the slowest on-year price rise in a year. It has been on the decline since peaking at a 24-year high of 6.3 percent in July last year.

On Tuesday, the BOK left its key interest rate unchanged at 3.5 percent for the second straight time as inflation pressure moderates and worries over an economic slowdown mount.

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