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| A sign shows oil prices at a gas station in Seoul, June 14. Korea's import costs grew in May as crude oil prices increased. Yonhap |
Korea's import costs grew in May as crude oil prices increased, central bank data showed Thursday.
The import price index rose 3.6 percent in May from a month earlier, according to the preliminary data from the Bank of Korea (BOK).
The rise followed a revised 0.6 percent month-on-month decline in April, which was the first fall this year.
From a year earlier, the price index jumped 36.3 percent, which was the 15th straight month-on-month increase.
May's turnaround stemmed from rising crude oil prices.
The prices of Dubai crude oil, Korea's benchmark, stood at $108.16 per barrel on average last month, up 5.2 percent from the previous month, the data showed.
Oil prices have stayed high, driven by increased demand and the ongoing war in Ukraine that has snarled energy resource shipments.
Import price movements are closely monitored as a rise can add to price pressure at a time when Korea is grappling with rising inflation. (Yonhap)
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