Global Crude Oil Price Stabilization Helps Contain South Korea’s Import Price Index andHeadline CPI
Bank of Korea Export-Import Price Index data shows international Dubai/Brent crude oil moderation reducing petroleum product prices in Korea, directly supporting headline CPI stabilization at 1.6% YoY.
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Because South Korea imports nearly all of its crude oil and liquefied natural gas (LNG), international energy benchmarks (Dubai crude and Brent crude) exert an immediate impact on the Bank of Korea Import Price Index and domestic utility and fuel prices.
According to Statistics Korea (KOSTAT), domestic petroleum product prices declined year-on-year in October 2026 as global crude oil traded in the $72–$76 per barrel range, pulling headline consumer inflation down to 1.6% YoY despite higher fresh food prices.
MOTIE and MOEF continue to monitor Middle East shipping lanes and global LNG spot prices ahead of the winter heating season in South Korea.
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Based on Statistics Korea (KOSTAT) Consumer Price Index item breakdown and Bank of Korea Export-Import Price Index releases.