In April, South Korea's import prices increased for the fourth consecutive month, driven by higher oil prices and the weakening of the Korean won against the US dollar. According to preliminary data from the Bank of Korea, the import price index rose by 3.9 percent from the previous month and by 2.9 percent from the previous year, based on the new base year of 2020. The rise in import prices, particularly for raw materials and intermediate goods, also influenced the country's overall rate of inflation. Additionally, the export price index saw a 4.1 percent increase in April, following a 0.3 percent gain the previous month. The Dubai crude price, South Korea's benchmark, rose to $89.17 per barrel in April from $80.88 the previous month, while the average exchange rate of the Korean won against the US dollar increased slightly to 1,367.83 from 1,330.70. Despite the overall rise in import and export prices, South Korea's inflation rate in April was 2.9 percent on-year, marking the first time in three months that the index fell below 3 percent. The Bank of Korea maintained its key interest rate at 3.5 percent for the 10th consecutive time, following seven consecutive rate hikes from April 2022 to January 2023.