SEOUL, Aug. 14 (Yonhap) -- Import prices fell for the second consecutive month in July due to a stronger Korean won and a decrease in oil prices amid the protracted Middle East uncertainties, central bank data showed Friday.

The import price index fell 1 percent on-month following a 4.2 percent on-month drop in June, according to the preliminary data from the Bank of Korea (BOK).

On an on-year basis, the index climbed 18.7 percent in July.

The BOK said the on-month decline came as the Korean won strengthened against the U.S. dollar by 2 percent over the one-month period and the price of Dubai crude, South Korea's benchmark, edged down 3.4 percent.

Prices of raw materials rose 0.8 percent in July from a month earlier, while intermediate goods dropped 2.2 percent over the cited period.

Import prices are a key driver of inflation, as they affect production costs and consumer prices throughout the supply chain, according to the central bank.

The BOK data showed that the July export price index rose 1 percent from the previous month due to higher electronic prices despite the strong currency.

Compared with a year earlier, the index jumped 49.1 percent.

brk@yna.co.kr

(END)

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