S Korea Oct import prices fall, but at slowest pace since mid-2012
[SEOUL] South Korea's October import prices declined, but at their slowest pace in more than four years, as the won dropped against the US dollar, central bank data showed on Monday.
Import prices, one of the gauges for future inflation movements, eased 0.6 per cent from a year earlier, the Bank of Korea said, slowing considerably from a revised 7.7 per cent decline in September. September's fall was revised from a 7.8 per cent drop.
The sharp slowdown in the pace of decline was mainly due to the won falling around 2 per cent in October against the US dollar as investors snapped up safe-haven assets in the face of a possible rate hike by the US Federal Reserve in December.
This resulted in October's fall being the smallest since import prices rose 0.5 per cent in Aug 2012.
Export prices declined 1.6 per cent on year, compared with a 8.3 per cent drop in September.
The figures were all based on won terms.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons