Due to High Oil Prices, May Import Price Index Rises 3.6%... Increases Again After One Month

Export Prices Rise 3.1% Compared to Previous Month

(Data provided by Bank of Korea)

Due to the rise in raw material prices and high oil prices caused by the Ukraine crisis, the import price index in May increased by 3.6% compared to the previous month, turning to an upward trend again after one month. Compared to the same month last year, it continued its upward trend for 15 consecutive months.

According to the Bank of Korea on the 16th, the May import price index (provisional figure based on the Korean won, 2015 level 100) recorded 153.74, rising 3.6% from the previous month. Compared to the same month last year, it rose by 36.3%.

The import price index fell by 0.9% month-on-month in April as international oil prices slightly eased, turning to a downward trend for the first time in four months, but it turned upward again after one month.

The Bank of Korea explained the background of the import price index increase as "Prices of mining products and chemical products rose amid rising international oil prices." The average monthly Dubai crude oil price rose 5.2% from $102.82 in April to $108.16 in May.

By item, raw materials rose 6.5% month-on-month, mainly in mining products, and intermediate goods rose 2.0% due to increases in chemical products, coal, and petroleum products. Capital goods and consumer goods rose 2.0% and 1.8%, respectively, compared to the previous month.

(Data provided by Bank of Korea)

The export price index in May was 131.35, up 3.1% from the previous month. It has been rising for five consecutive months since falling in December last year.

Compared to the same month last year, it rose 23.5%, marking 16 consecutive months of increase. The Bank of Korea explained, "Prices of coal and petroleum products and chemical products rose, showing an upward trend."

By item, agricultural, forestry, and fishery products rose 1.7% month-on-month, and manufactured goods rose 3.1% due to increases in coal and petroleum products and chemical products.

This content was produced with the assistance of AI translation services.