South Korea Nov import prices rise for first time in nearly 4 years

SEOUL: Surging oil prices drove South Korea's import prices up for the first time in almost four years in November, central bank data showed on Wednesday.

Import prices, one of the gauges of future inflation, rose 3.6 percent in won terms from a year earlier, compared to a 0.6 percent fall in October, the Bank of Korea said.

It was the first rise in import prices since August 2012 and marked the fastest growth since February that year.

The Bank of Korea attributed the rise to a 5.5 percent year-on-year jump in crude oil prices in November.

The data also showed export prices in won terms rose 3.8 percent in November, rebounding from a revised 1.4 percent fall in October. October's index movement was revised up from a 1.6 percent decline reported earlier.