S Korea's import prices fall 0.8 % in July

South Korea's import prices fell 0.8 percent last month from a month earlier due to a decline in prices for intermediate goods and capital goods that offset a rise in grain and crude oil prices, the central bank said Tuesday. In local currency terms, import prices retreated 0.8 percent in July from a month before, up from a 3.6 percent on-month drop tallied in the previous month, according to the Bank of Korea (BOK) . From a year earlier, the prices declined 1.0 percent. The July figure logged the four straight month of on-month decline due to falling prices of intermediate and capital goods. Intermediate goods prices retreated 1.7 percent in July from the previous month after posting a 1.9 percent slide in June. Petroleum products prices jumped 5.0 percent last month amid higher crude oil prices, but prices for other products, including chemical and primary metal products, showed a negative growth. Dubai crude, South Korea's benchmark, averaged 99.1 U.S. dollars a barrel in July, up 5.0 percent from a month earlier. Prices for capital goods declined 2.0 percent on-month in July, with consumer goods prices sinking 3.0 percent over the same period. Import prices for raw materials rose 0.7 percent on-month in July, a turnaround from a 6.7 percent on-month drop for June. Prices for agricultural products retreated last month as the recent surge in grain prices was offset by overall falling prices of other farm goods, but mining product prices rose amid higher oil prices. In contract currency terms, import prices rose 1.1 percent on- month in July, indicating that local currency's ascent to the U.S. dollar led the import price fall. The South Korean currency appreciated 1.9 percent against the greenback last month.