Import prices rise for 3rd straight month in September on weaker won, higher oil prices: BOK

Containers wait to be shipped at a port in Pyeongtaek, Gyeonggi Province, Thursday. Yonhap

Import prices increased for the third straight month in September driven by rising global oil prices and a weaker Korean won, central bank data showed Friday.

The import price index climbed 0.2 percent on-month in September, after a 0.3 percent rise in August, according to preliminary data from the Bank of Korea (BOK).

The uptick came as the local currency weakened to an average of 1,391.83 won against the U.S. dollar in September, compared with 1,389.66 won a month earlier.

Also attributable to the rise was the price of Dubai crude, Korea's benchmark, which gained 0.9 percent on-month to $70.01 per barrel.

Import prices are a key driver of inflation, as they affect production costs and consumer prices across the supply chain.

The data also showed that the export price index rose for the third consecutive month in September, increasing 0.6 percent from the previous month.

"Global oil prices and the won-dollar exchange rate have moved in opposite directions this month, and significant uncertainty remains in both domestic and global conditions. We will continue to closely monitor developments," BOK official Lee Moon-hee said at a press briefing.