S.Korea's import prices fall for 5 months on cheaper oil

Prices for imported products in South Korea declined for five straight months due to lower crude oil prices, central bank data showed Friday.

The import price index stood at 77.03 in November, down 1.7 percent from the previous month, according to the Bank of Korea (BOK).

The figure marked the lowest since October 2007, keeping a downward trend for the fifth consecutive month.

From a year earlier, the import prices plunged 15.6 percent, posting the biggest monthly decline in seven months.

Raw material prices, including crude oil and mining products, retreated 4.7 percent in November from a month earlier, with those for chemicals and primary metals sliding 2.2 percent and 0.6 percent respectively.

The export price index came in at 80.98 in November, down 1 percent from a month earlier. From a year ago, the export prices tumbled 8.6 percent last month, logging the biggest monthly fall in 10 months.

The November figure was the lowest in more than 29 years since September 1986.