Containers are stacked at South Korea's port of Pyeongtaek, south of Seoul, on Sep. 4. (Yonhap)
Containers are stacked at South Korea's port of Pyeongtaek, south of Seoul, on Sep. 4. (Yonhap)

Import prices rose for the second consecutive month in August despite falling global oil prices, mainly due to a weaker Korean won, central bank data showed Tuesday.

The import price index went up 0.3 percent last month from a month earlier, following a 0.8 percent hike, according to preliminary data from the Bank of Korea.

The increase came as the local currency fell to 1,389.66 won against the US dollar in August from an average of 1,375.22 won per dollar in July, the BOK said.

Import prices are a key factor of inflation as they affect production costs and consumer prices through the supply chain.

The average price of Dubai crude, South Korea's benchmark, stood at $69.39 per barrel in August, down 2.1 percent from the previous month.

The export price index also rose for the second consecutive month in August, gaining 0.7 percent from the previous month, the data showed.

"In September, volatility in the won-dollar exchange rate and global oil prices is not significant, though we need to monitor the situation given domestic and global uncertainties," BOK official Lee Moon-hee told a press briefing. (Yonhap)