SEOUL: Korea's import prices witnessed a decline for the second consecutive month in September, influenced by decreasing global oil prices and a strengthening national currency, according to recent data from the central bank. According to Emirates News Agency, the Bank of Korea reported that the import price index dropped by 2.2 percent in September from the previous month, following a 3.5 percent decline in August. Year-over-year, September's import prices also saw a reduction of 3.3 percent after a 1.8 percent increase in August. The Korean won appreciated against the dollar, averaging 1,334.82 in September, up from 1,354.15 in August, which contributed to the lower import costs. Specifically, prices for raw materials plummeted by 3.4 percent and intermediate goods decreased by 2.1 percent. In addition to import prices, Korea's export price index also declined by 2.3 percent in September after a 2.8 percent drop the previous month. This trend correlates with the broader economic indicators showing a slowd own in inflation. Consumer prices in Korea increased by only 1.6 percent year-over-year last month, marking the lowest rise since February 2021, and the first time since early 2021 that the figure has fallen below 2 percent. This data indicates a significant easing of inflationary pressures in Korea, aligning with trends in global commodity prices and currency valuations.