S. Korea's import prices turn lower in October on cheaper oil, weaker dollar

SEOUL, Nov. 13 (Xinhua) -- Prices for imported goods to South Korea turned lower in October, affected by cheaper crude oil and a weaker U.S. dollar, central bank data showed Friday.

The import price index declined 1.8 percent in October from a month earlier, reversing a 1.9 percent increase in the previous month, according to the Bank of Korea (BOK).

Following a brief 0.2 percent uptick in May, import prices had slipped for three consecutive months through August before rebounding in September.

The monthly average price of Dubai crude, South Korea's benchmark, dipped 2.6 percent over the month to 110.73 U.S. dollars per barrel in October.

The average South Korean won versus U.S. dollar exchange rate retreated 1.6 percent to 1,337.66 won per dollar in the cited month.

Prices for imported raw materials dropped 3.0 percent month-on-month in October, marking the first downturn in four months amid lower crude oil costs.

Import prices for intermediate goods fell 1.0 percent, while those for capital and consumer goods shrank 1.8 percent and 1.4 percent each.

Meanwhile, the export price index advanced 0.7 percent in October on a monthly basis, marking the first turnaround in three months on the back of higher prices for computers, electronic and optical devices, especially memory chips used in artificial intelligence infrastructure.