South Korea import prices post biggest jump in 28 years

April 15 (Asia Today) -- South Korea's import prices rose 16.1% in March from a month earlier, the sharpest monthly increase in more than 28 years, as higher oil prices and a weaker won added pressure to the economy.

According to the Bank of Korea and the state data agency, the won-based import price index reached 169.38 in March. The increase was the largest since January 1998, when the index rose 17.8%, and marked the ninth straight month of gains.

The rise was driven largely by higher global oil prices and a stronger U.S. dollar against the South Korean won amid geopolitical uncertainty, including conflict in the Middle East. Prices rose mainly in mining products and coal and petroleum products.

The crude oil index in won terms reached its highest level since the data series began in 1985, the report said.

The latest figures point to mounting strain on the South Korean economy as inflation, interest rates and oil prices all remain elevated.

Employment data also showed continued weakness among younger workers. While the total number of employed people rose by more than 200,000 for a second straight month, youth employment continued to deteriorate.

The number of employed people in the youth age group has now declined for 41 consecutive months since November 2022.

The youth employment rate fell 0.9 percentage point from a year earlier to 43.6%, extending its decline to 23 straight months.

By contrast, employment among people age 60 and older increased sharply.

The youth unemployment rate rose 0.1 percentage point to 7.6%, moving against the broader national trend.

Officials attributed the decline in youth employment to reduced hiring in accommodation and food services, information and communications technology and manufacturing, as well as employers' growing preference for experienced workers and more frequent rolling recruitment.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260416010004886

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This story was originally published April 15, 2026 at 6:26 PM.