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High Oil Price & Strong Dollar Increase 1.2% of Import Price Index in February, MoM

NSP NEWS AGENCY, By Hyun-jin Kim and Soo-in Kang, 2024-03-16 09:27 ENX7
#Exportprice #ConsumerPriceUp #OilPrice #ExchangeRate #ImportPrice
NSP통신- (Graph = BoK)
(Graph = BoK)

(Seoul=NSP NEWS AGENCY) = Strong oil prices and dollars to Korean won increased both import and export price indexes to last month. This upward trend continued for two consecutive months, spurring consumer prices. Normally, changes in import prices impact consumer prices one to three months later.

The Bank of Korea’s import and export price indexes (ext) for February 2024, which was released on March 15, showed import prices (Korean won) increased by 1.2% compared to last month and a 0.2% decrease from a year before as high oil prices and strong dollars to Korean won affected to increase the prices of mining products and chemicals.

Dubai crude price increased to $80.88 per barrel in February, 2.6% from $78.85 in January. The average US dollar to Korean won exchange rate climbed to 1331.74, 0.6% from 1323.57 in the same period.


Commodities increased by 2.4% last month, driven by mining products. Prices of intermediate goods climbed 0.8%, supported by increased prices of chemicals, coals, and petroleum products. Capital and consumer goods saw no changes and 0.5% increase, respectively.

Import prices (in the currency of the contract) increased 0.8% compared to last year, while export prices for February went up 1.4%, a 4.2% increase, YoY.

Agriculture, forestry, and fishery products decreased by 0.2%, MoM; industrial products up by 1.4%, MoM, supported by increased prices of coal and petroleum products, computer and electronics, and opticals. The export price (currency of the contract) increased by 0.9%, MoM, and stayed the same YoY.

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