Korea’s import prices took a dive in July,
falling for the first time in three months on the back of the weakening local currency
and a decline in global oil prices. According to the Bank of Korea on Friday,
import prices fell two-point-eight percent from the previous month, hitting 75-point-eight-five
on the index. The price of Korea’s benchmark — Dubai crude
— dropped to 42 dollar 53 cents a barrel,… down eight-point-one percent from June. The Korean won fell two-point-three percent
against the dollar on-month. Export prices also took a tumble for the first
time in three months,… down two-point-two percent from a month earlier.