South Korea's import prices decline amid lower oil prices

South Korea's import prices declined last month due to lower crude oil prices and the South Korean currency's appreciation against the U.S. dollar, central bank data showed Wednesday. In local currency terms, import prices fell 1.8 percent in May from a month earlier after rising 0.1 percent in the prior month, according to the Bank of Korea (BOK). The fell came amid the lower price in crude oil. Dubai crude, South Korea's benchmark, averaged 100.34 dollars a barrel in May, down 1.3 percent from the previous month. The South Korean currency appreciated 1 percent versus the greenback last month, helping lower the prices for goods imported from overseas. Prices in raw materials imported from overseas slid 1.8 percent on-month in May after gaining 0.2 percent in the prior month. Farm goods prices dipped 1.2 percent and mining product prices fell 1.7 percent. Those for intermediate goods such as oil and chemical products retreated 1.9 percent in May from a month ago. Capital goods prices slid 1.7 percent, and those for consumer goods decreased 1. 4 percent. In contract currency terms, import prices fell 0.6 percent on- month in May after declining 1.4 percent in the prior month.