Tue, 17 May 2022

SEOUL, Jan. 13 (Xinhua) -- Price for imported goods of South Korea logged the highest growth in 13 years last year due to expensive crude oil, the country's central bank data showed Thursday.

The import price index soared 17.6 percent in 2021 from the previous year, marking the fastest increase since 2008, according to the Bank of Korea.

The export price index advanced 14.3 percent last year, posting the highest gain in 13 years.

The rapid increase in both import and export prices was attributed to the higher global crude oil price and the low base effect from the price fall in 2020, which was caused by the COVID-19 pandemic.

In December alone, the import price index dipped 1.9 percent compared to the previous month due to the recent price decline in global crude oil.

Dubai crude, South Korea's benchmark, averaged 73.21 U.S. dollars per barrel in December, down 8.8 percent from the prior month.

The export price index slipped 1.0 percent in December from a month earlier on the back of lower prices for oil and chemical products.

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