South Korea Import Prices Rise for 6th Month as Weak Won Hits 1,467

Your wallet's getting a reality check as the Korean won continues to struggle. Despite a significant dip in global oil prices, South Korea's import prices climbed for the sixth consecutive month in December, driven primarily by currency depreciation.

Currency Weakness Overpowers Falling Oil Prices in South Korea

According to the Bank of Korea (BOK), the import price index rose 0.7% in December 2025 compared to the previous month. While this marks a slowdown from November's 2.4% spike, the index has been on a relentless upward trajectory since July 2025. The culprit isn't energy—Dubai crude actually dropped 3.8% to $62.05 per barrel—but the won, which averaged 1,467.4 per dollar.

Import prices are a critical leading indicator for consumer inflation, as they directly impact production costs across the supply chain. Lee Moon-hee of the BOK noted that while oil and currency volatility have eased slightly in early January, global uncertainties remain high, keeping the central bank on high alert.