South Korea's export and import prices both rose in September.
The Bank of Korea said on Thursday the export price index increased by one percent on monthrising for the tenth straight monthto just over 114.
Compared to a year before, that's a rise of more than 20 percentposting eight straight months of gains.
The increase in export prices was mainly driven by higher prices of industrial goods like petroleum and chemical productsas well as agricultural and fishery products.
Import prices also increased.
The central bank largely attributes the increase to rising global oil prices.
The import price index stood at 124.58…up two.four percent on-month.
It surged by more than 26 percent on-year.
This is mainly due to an increase in the price of coal and petroleum products…as the price of Dubai crude…South Korea's benchmark skyrocketed.
Dubai oil prices averaged 72.63 U.S. dollars in September, jumping 75 percent on year.
This in turn… increased prices of imported consumer goods and raw materials, triggering inflationary pressure.
Consumer goods rose by two.seven percent and raw materials surged 68 percent on-year.
In fact, South Korea's consumer prices have seen on-year rise of more than two percent for six months in a row as of October, leading the government to vow to step up efforts to stabilize prices.
Seo Eunkyung, Arirang News.