Import prices fell in May to end a three-month rise on the back of falling oil prices, central bank data showed Wednesday.

The import price index for May stood at 135.54, down 2.8 percent from April's 139.45, according to the data compiled by the Bank of Korea.

The index also fell 12 percent compared with a year earlier, marking the sharpest decline since May 2020, when the comparable figure was 13 percent.

Import prices of coal and petrochemical goods dropped 5.8 percent on-month last month.

Import prices of crude oil dipped 9.6 percent last month.

The country's export price index also snapped its three-month gain last month, by sliding 1.3 percent on-month, due mainly to a fall in oil-related goods.

The index also dropped 11.2 percent on-year, the sharpest decline since March 2010.

Last month, the won-dollar rate stood at 1,328.21 on average, up 0.6 percent from a month earlier. (Yonhap)