Import Price in March Soared by 31 Months high 4.4 Percent

Import price in March jumped with highest monthly rise of 31 months due to the rise of crude oil price and exchange rate. Hence, it may influence on the consumer`s price.

According to the `Prices of Exports and Imports in March, ` which the Bank of Korea announced on the 10th, the import price (by won) of last month rose by 4.4 percent, which is the highest monthly rise since 1999 August (5.6 percent). Import price turned to rise from this year and recorded rise for 3 months in a row.

By items, the import price of raw materials like crude oil (21.0 percent), naphtha (20.3 percent) rose by 5.2 percent, capital goods like pump and excavator by 0.5 percent, and consumer goods like petroleum, fruits and frozen fish by 1.9 percent. Kim Seung-Cheol researcher from prices statistics team of the Bank of Korea analyzed, ¡°import price rose sharply because the price of crude oil and oil products jumped from the high tension in Middle East, and exchange rate also rose (won devaluated).

sckim007@donga.com