South Korea's import prices rebounded last month due to higher oil prices that offset the local currency's appreciation against the U.S. dollar, central bank data showed Wednesday.
In local currency terms, imports prices rose 0.7 percent in August from a month earlier after falling 0.8 percent in the prior month, according to the Bank of Korea.
From a year earlier, the prices slid 5.3 percent last month, maintaining its downward trend for 12 straight months.
The South Korean currency appreciated 0.9 percent against the dollar last month, putting downward pressures on imported goods prices.
Higher oil prices offset the downward pressure. Dubai crude, South Korea's benchmark, averaged 107.06 dollars a barrel in August, up 3.4 percent from a month earlier. Prices in imported raw materials increased 1.8 percent on-month in August after declining 0.2 percent in the prior month.
Those for intermediate goods, including oil, chemical and steel products, edged up 0.1 percent in the cited period. Prices for capital and consumer goods imported from overseas slid 0.2 percent each last month.
In contract currency terms, import prices climbed 1.3 percent on-month in August due to a rise in global crude oil prices.
