Seoul: Korean import prices rose for the first time in six months in July, driven by rising global oil prices and a weaker Korean won, preliminary data from the Bank of Korea (BOK) showed on Thursday.

According to Emirates News Agency, the import price index went up 0.9 percent last month from a month earlier, rebounding after a five-month losing streak. The increase came as the average price of Dubai crude, South Korea's benchmark, climbed 2.3 percent from a month earlier to an average of US$70.87 per barrel in July.

Another contributing factor was the local currency falling 0.6 percent against the US dollar to an average of 1,375.22 won per dollar in July, the BOK stated. Import prices are crucial to inflation as they affect production costs and consumer prices throughout the supply chain.

The export price index also rose for the first time in four months in July, gaining 1 percent from the previous month, the data indicated. Consumer prices, a key gauge of inflation, increased 2.1 percent on-year in July, marking the second consecutive month of growth above the 2 percent level.