Why did South Korea’s import prices rise in September?

The increase was driven by a 28.1 percent monthly surge in Dubai crude prices to $113.71 amid renewed military tensions and uncertainty in the Middle East. Raw-material prices also rose 9.6 percent during the month.

How did South Korea’s import and export price indexes change in September?

The import price index increased 1.7 percent from the previous month, while the export price index declined 0.8 percent. The export-price decrease was partly attributed to a stronger Korean won.

How can higher import prices affect inflation in South Korea?

Higher import prices can raise production costs and consumer prices throughout the supply chain, making them a key driver of inflation, according to the Bank of Korea. In September, intermediate-goods prices nevertheless fell 1.7 percent month-on-month.

Import prices rebound in Sept. on higher oil prices

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Summary

South Korea’s import prices rose 1.7 percent month-on-month in September as Dubai crude prices surged amid renewed Middle East military tensions. The increase ended a three-month decline in the import price index. Raw-material prices jumped 9.6 percent, while intermediate-goods prices fell 1.7 percent. Export prices decreased 0.8 percent, partly because of a stronger Korean won.

Key Facts

Dubai crude, Korea’s benchmark, rose 28.1 percent month-on-month to $113.71 in September.
The import price index had declined for three consecutive months starting in June before rebounding in September.
The Bank of Korea said import prices influence inflation by affecting production costs and consumer prices throughout the supply chain.

By Yonhap

Published Oct 16, 2026 7:50 am KST

Containers are stacked at a port in Busan, Oct. 1. Yonhap

Import prices rebounded for the first time in four months in September due to a rise in oil prices amid renewed Middle East uncertainties, central bank data showed Friday.

The import price index rose 1.7 percent on-month last month, ending a three-month losing streak that started in June, according to the preliminary data from the Bank of Korea (BOK).

The BOK said the turnaround came as the price of Dubai crude, Korea's benchmark, surged 28.1 percent on-month to $113.71 in September, amid a resurgence of military tensions in the Middle East.

Prices of raw materials jumped 9.6 percent in September from a month earlier, while intermediate goods dropped 1.7 percent over the cited period, according to the BOK data.

Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain, according to the central bank.

Meanwhile, the export price index fell 0.8 percent on-month in September, partly due to a stronger Korean won, the BOK data showed.

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