ID :
194664
Wed, 07/13/2011 - 05:19
Auther :
Shortlink :
https://oananews.org//node/194664
The shortlink copeid
Import costs of raw materials slip for 2nd month
SEOUL, July 13 (Yonhap) -- South Korea's import prices of key raw materials fell for the second straight month in June, led by a drop in the costs of agricultural products and non-ferrous metals, a local trade association said Wednesday.
The Korea Importers Association (KOIMA) said its price index for imported commodities stood at 397.52 last month, 7.49 points, or 1.85 percent, down from the previous month.
The index rose for the 10th straight month in April, marking the highest level since July 2008 when the comparable figure was 453.54.
Using 1995 as the base year, the benchmark index covers 56 key imported raw materials, including crude oil and soybeans.
South Korea is facing difficulties in taming inflation as still high oil prices and the sustained economic recovery are resulting in upward pressure.
Consumer prices in Asia's fourth-largest economy rose 4.4 percent last month from a year earlier, staying above the government's renewed inflation target of 4 percent for the sixth straight month.
Core inflation, which excludes volatile oil and food costs, adds to concerns as demand-pull inflationary pressure is mounting. Core inflation grew 3.7 percent on-year in June, the fastest expansion in over two years, accelerating from 3.5 percent in May.
The country's central bank raised the key interest rate by a quarter percentage point last month to 3.25 percent following a two-month freeze in an effort to slow the growing inflationary pressure due to the economic recovery.
The Korea Importers Association (KOIMA) said its price index for imported commodities stood at 397.52 last month, 7.49 points, or 1.85 percent, down from the previous month.
The index rose for the 10th straight month in April, marking the highest level since July 2008 when the comparable figure was 453.54.
Using 1995 as the base year, the benchmark index covers 56 key imported raw materials, including crude oil and soybeans.
South Korea is facing difficulties in taming inflation as still high oil prices and the sustained economic recovery are resulting in upward pressure.
Consumer prices in Asia's fourth-largest economy rose 4.4 percent last month from a year earlier, staying above the government's renewed inflation target of 4 percent for the sixth straight month.
Core inflation, which excludes volatile oil and food costs, adds to concerns as demand-pull inflationary pressure is mounting. Core inflation grew 3.7 percent on-year in June, the fastest expansion in over two years, accelerating from 3.5 percent in May.
The country's central bank raised the key interest rate by a quarter percentage point last month to 3.25 percent following a two-month freeze in an effort to slow the growing inflationary pressure due to the economic recovery.
