The Korea Times
Import prices posted their sharpest increase in more than 28 years in March, driven mainly by rising global oil prices amid the Middle East conflict, central bank data showed Wednesday. The import price index rose 16.1 percent on-month last month, accelerating sharply from a 1.5 percent increase in February, according to the preliminary data from the Bank of Korea (BOK). It marked the steepest gain since January 1998, when prices jumped 17.8 percent. The figure also marked the ninth consecutive monthly increase since July 2025. On an on-year basis, the index climbed 18.4 percent in March. The increase came as the price of Dubai crude, South Korea's benchmark, soared 87.9 percent on-month to US$128.52 per barrel in March, as the Middle East conflict, which began late February following U.S.-Israeli strikes on Iran, disrupted global oil supplies. South Korea relies heavily on energy imports. "Import prices for crude oil surged 88.5 percent from a month earlier in won terms, marking the steepest increase on record," BOK official Lee Moon-hee said at a press briefing. "Uncertainty remains high
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