ID :
200598
Thu, 08/11/2011 - 09:50
Auther :
Shortlink :
http://m.oananews.org//node/200598
The shortlink copeid
Import costs of raw materials shift upward in July
SEOUL, Aug. 11 (Yonhap) -- South Korea's import prices of key raw materials rose in July after two straight months of declines, led by a surge in non-ferrous metal costs, a trade association said Thursday.
The Korea Importers Association (KOIMA) said its price index for imported commodities stood at 397.67 last month, up 0.15 points, or 0.04 percent, from the previous month.
The index fell in May and June after having risen 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.
The July increase is attributed mainly to rising prices of raw materials such as non-ferrous metals and zinc, the association said.
The increase bodes ill for South Korea's struggle to tame inflation. South Korea's consumer prices jumped 4.7 percent in July from a year ago, accelerating from a 4.4 percent rise tallied the previous month.
Core inflation, which excludes volatile oil and food costs, jumped 3.8 percent on-year in July, the fastest gain in 26 months.
South Korea's central bank froze the key rate at 3.25 percent on Thursday amid a looming global economic recession stemming from the U.S. and Europe. It raised the borrowing costs last month in an effort to slow growing inflation.
The Korea Importers Association (KOIMA) said its price index for imported commodities stood at 397.67 last month, up 0.15 points, or 0.04 percent, from the previous month.
The index fell in May and June after having risen 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.
The July increase is attributed mainly to rising prices of raw materials such as non-ferrous metals and zinc, the association said.
The increase bodes ill for South Korea's struggle to tame inflation. South Korea's consumer prices jumped 4.7 percent in July from a year ago, accelerating from a 4.4 percent rise tallied the previous month.
Core inflation, which excludes volatile oil and food costs, jumped 3.8 percent on-year in July, the fastest gain in 26 months.
South Korea's central bank froze the key rate at 3.25 percent on Thursday amid a looming global economic recession stemming from the U.S. and Europe. It raised the borrowing costs last month in an effort to slow growing inflation.
