South Korea import prices drop in March at fastest pace in 27 months

SEOUL (Reuters) – South Korea’s import prices dropped in March at their fastest pace in 27 months, dragged down by weaker oil prices, central bank data showed on Thursday.

The import price index, measured in the local won currency, fell 6.9% in March from the same month a year before, much faster than the 0.7% annual fall recorded in February and the fastest since December 2020.

The export price index dropped 6.4%, faster than the 2.6% annual decline in the previous month and the fastest since August 2020.

Dubai oil prices were on average 29.2% lower in March than a year before, and 4.4% lower than a month before, the Bank of Korea said.

(Reporting by Jihoon Lee)