Import prices rise for 8th month in Feb. on rising oil prices: BOK | Yonhap News Agency

## Summary
OK SEOUL, March 17 (Yonhap) -- Import prices increased for the eighth consecutive month in February due mainly to an increase in global oil prices, central bank data showed Tuesday. The import price index rose 1.1 percent on-month last month, accelerating from a 0.4 percent increase in January, according to the preliminary data from the Bank of Korea (BOK). South Korea implemented a temporary cap system on March 13 as part of the government's efforts to ease soaring fuel prices and reduce the burden on consumers, setting maximum prices for products oil refineries supply to gas stations and distributors. (Yonhap) The increase came as the price of Dubai crude, South Korea's benchmark, climbed 10.4 percent on-month to US$68.4 per barrel in February. These factors are likely to push up import prices further in March," BOK official Lee Moon-hee told a press briefing. "High oil prices are also likely to affect consumer prices relatively quickly through higher petroleum product costs," he added. graceoh@yna.co.kr (END) Related Articles (LEAD) (News Focus) Iran crisis sharply weakens Korean won, fueling inflation, economic fallout concerns (LEAD) Korean won falls further against dollar amid oil price surge, supply woes S.

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SEOUL, March 17 (Yonhap) -- Import prices increased for the eighth consecutive month in February due mainly to an increase in global oil prices, central bank data showed Tuesday.
The import price index rose 1.1 percent on-month last month, accelerating from a 0.4 percent increase in January, according to the preliminary data from the Bank of Korea (BOK).
The figure has been on a constant increase since July 2025.
On an on-year basis, the index also grew 1.2 percent in February.
Prices are listed at a gas station in Seoul on March 15, 2026. South Korea implemented a temporary cap system on March 13 as part of the government's efforts to ease soaring fuel prices and reduce the burden on consumers, setting maximum prices for products oil refineries supply to gas stations and distributors. (Yonhap)
The increase came as the price of Dubai crude, South Korea's benchmark, climbed 10.4 percent on-month to US$68.4 per barrel in February.
Prices of raw materials rose 3.9 percent, while intermediate goods saw a 0.2 percent on-month price increase.
The Korean won rose against the U.S. dollar, with the currency averaging 1,449.32 won per dollar in February, compared with 1,456.51 won a month earlier.
Import prices are a key driver of inflation, as they influence production costs and consumer prices throughout the supply chain.
The data showed that the export price index also rose for the eighth consecutive month in February, rising 2.1 percent from the previous month.
Going forward, the crisis in the Middle East could put additional upward pressure on import prices.
"Since Feb. 28 when the United States and Israel conducted airstrikes on Iran, Dubai crude prices rose 58.6 percent through March 13 and the local currency weakened markedly. These factors are likely to push up import prices further in March," BOK official Lee Moon-hee told a press briefing.
"High oil prices are also likely to affect consumer prices relatively quickly through higher petroleum product costs," he added.
graceoh@yna.co.kr
(END)
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Import prices rise for 8th month in Feb. on rising oil prices: BOK

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- Korean manufacturing faced with increased cost burdens as Iran crisis persists: KIET (LEAD) Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry Keywords #import prices #oil prices Articles with issue keywords Most Liked (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones (2nd LD) N.

### Implications
- Import prices are a key driver of inflation, as they influence production costs and consumer prices throughout the supply chain.
- Going forward, the crisis in the Middle East could put additional upward pressure on import prices. "Since Feb. 28 when the United States and Israel conducted airstrikes on Iran, Dubai crude prices rose 58.6 percent through March 13 and the local currency weakened markedly.
- These factors are likely to push up import prices further in March," BOK official Lee Moon-hee told a press briefing. "High oil prices are also likely to affect consumer prices relatively quickly through higher petroleum product costs," he added. graceoh@yna.co.kr (END) Related Articles (LEAD) (News Focus) Iran crisis sharply weakens Korean won, fueling inflation, economic fallout concerns (LEAD) Korean won falls further against dollar amid oil price surge, supply woes S.
- Korean manufacturing faced with increased cost burdens as Iran crisis persists: KIET (LEAD) Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry Keywords #import prices #oil prices Articles with issue keywords Most Liked (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones (2nd LD) N.

### Expert Commentary
This article covers prices, korea, month topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 641.