Import prices hit seven-year high, likely fan inflationary pressure

Import prices in South Korea rose for the straight month to hit the highest level in more than seven years last month, likely to contribute to strengthening in inflationary pressure in coming months. The import index edged up 0.6 percent from July to 120.79 in August, reaching the highest since April 2014, according to data released by the Bank of Korea on Tuesday. Against a year-ago period, it jumped 21.6 percent, the sharpest year-over-year growth since December 2008. Export price index added 1.0 percent from July to 112.72 in August, keeping the growth momentum for nine consecutive months. Compared with a year earlier, it jumped 18.6 percent.

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