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South Korea Import Price Index Falls 4.4 Percent in June
The Bank of Korea reported that import prices dropped at the fastest monthly rate in three and a half years. The decline was driven by a 23 percent fall in Dubai crude oil prices.
Jul 14, 5:00 PM·1m read1 source
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South Korea's import price index fell 4.4 percent on a monthly basis in June 2026, the steepest decline since December 2022, Yonhap reported. The Bank of Korea released the preliminary data on Wednesday, July 15. The index had risen 0.2 percent in May.
Dubai crude oil, South Korea's benchmark, dropped 23 percent on-month to US$79.45 per barrel. Raw material prices declined 10.3 percent and intermediate goods prices fell 3.2 percent over the same period. On a yearly basis, the import price index rose 20.6 percent.
The Bank of Korea noted that import prices influence production costs and consumer prices across the supply chain. South Korea depends heavily on energy imports. The export price index was unchanged from May.
An increase in electronics prices offset declines in oil products amid a weakening local currency.9 percent.
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