(MENAFN- QNA) South Korea's import prices fell in August from the previous year on the Korean won's strength against the US dollar, central bank data showed Monday.
In local currency terms, import prices tumbled 9.9% on-year last month, accelerating from a 8.6% drop in July, according to the preliminary data from the Bank of Korea.
The August data marked the steepest decline in 17 months since import prices plunged 10.8% on-year in March last year. It also marked the 24th straight month of falling prices, according to South Korea's (Yonhap) News Agency.
The on-year drop came as the won strengthened against the greenback while oil prices slipped. The won strengthened 8.2% over the period, while the price of Dubai crude, South Korea's benchmark, fell 4.8%.
On a monthly basis, import prices fell 0.8%, accelerating from a 0.5% change in July, according to the data.
The central bank said that a decline in oil prices over the month pared the won's weakening. The price of Dubai crude fell 3.9% on-month, while the won weakened 0.5%.
The data showed that won-based export prices slumped 8.6% on-year, but gained 0.1% on a monthly basis.
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