SEOUL, May 16 (Yonhap) -- South Korea's import prices grew at a slower pace in April than the previous month as the local currency's ascent to the dollar overshadowed sharp gains in oil prices, the central bank said Monday.

   In local currency terms, the country's import prices jumped 19 percent in April from a year earlier, slowing from a 27-month-high 19.6 percent on-year advance in March, according to the Bank of Korea (BOK).

   Although the import price growth slowed from March, the country's import prices rose for the 13th consecutive month in April as global commodity prices have been rising.

   Compared with the previous month, import prices inched up 0.7 percent, easing from a 3.5 percent on-month gain tallied in March.

   "Given the won's ascent and recent pullbacks in oil prices, there is a chance that the growth pace of the import prices may slow down," said Lim Su-young, an official at the BOK.

   The eased growth of import prices provides weight to the central bank's decision to freeze the key interest rate at 3 percent this month. The BOK left the rate unchanged for a second straight month.

   The Korean won appreciated 2.8 percent per the greenback in April, compared with the previous year. The local currency rose 3.3 percent to the dollar in April from the previous month.

   The costs of Dubai crude, South Korea's benchmark, gained 38.4 percent in April from the previous year. South Korea, the world's fifth-largest crude buyer, relies entirely on imports for its oil needs.

   Reflecting rising oil costs, raw material prices soared 36.8 percent on-year last month, up from a 35.8 percent increase in March and the fastest growth since a 47.3 percent on-year expansion in October 2008.

   Meanwhile, the country's export prices in Korean won terms climbed 7.7 percent last month from the previous year, easing from 9.1 percent in March, due mainly to the won's gain, the BOK noted.

Source : Yonhap News (May 16, 2011)