South Korea Import Price Growth Sharpest Since 2022

2026-04-14 22:03 By Juan Quintana 1 min. read

South Korea’s import prices rose sharply by 18.4% year-on-year in March 2026, accelerating from a 1.6% increase in February (previously estimated at 1.2%).

This marks the fastest growth since October 2022.

On a monthly basis, import prices surged 16.1%, the strongest gain since January 1998, reflecting broad-based cost pressures as the Iran war pushes up oil prices and weakens the won.

Price increases were led by a jump in raw materials (40.0% vs. -3.5% in February), including crude and other mining products.

Oil-linked products such as naphtha and jet fuel also rose sharply.

Intermediate goods also increased (13.2% vs. 4.8%), as did consumer goods (3.3% vs. 2.5%), while capital goods were unchanged (1.5% vs. 1.5%).



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South Korea Import Price Growth Sharpest Since 2022
South Korea’s import prices rose sharply by 18.4% year-on-year in March 2026, accelerating from a 1.6% increase in February (previously estimated at 1.2%). This marks the fastest growth since October 2022. On a monthly basis, import prices surged 16.1%, the strongest gain since January 1998, reflecting broad-based cost pressures as the Iran war pushes up oil prices and weakens the won. Price increases were led by a jump in raw materials (40.0% vs. -3.5% in February), including crude and other mining products. Oil-linked products such as naphtha and jet fuel also rose sharply. Intermediate goods also increased (13.2% vs. 4.8%), as did consumer goods (3.3% vs. 2.5%), while capital goods were unchanged (1.5% vs. 1.5%).
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South Korea’s import prices rose 1.2% year-on-year in February 2026, reversing a 0.9% fall in January. Price changes varied across key categories, with intermediate goods up (4.2% vs. 3.3% in January), consumer goods rising (2.5% vs. 2.5% in January), and capital goods climbing (1.6% vs. 1.9% in January), while raw material prices continued to fall, declining (3.8% vs. -9.5%). On a monthly basis, import prices rose 1.1% in February, accelerating from a 0.7% gain in the prior month.
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South Korea’s import prices fell 1.2% year-on-year in January 2026, reversing a 0.3% rise in December and ending the recent four-month run of gains. Price changes were softer across key categories, with intermediate goods up (2.7% vs. 3.7% in December), consumer goods rising (2.5% vs. 4.1%), and capital goods climbing (2.1% vs. 3.1%), while raw material prices continued to fall, declining (9.7% vs. -6.8%). On a monthly basis, import prices rose 0.4% in January, easing from a 0.9% gain in the prior month.
2026-02-12