South Korea's import prices fell 5% year-on-year in May 2025, widening from a 2.6% decline in the previous month. The drop was primarily driven by lower global oil prices and the appreciation of the Korean won. Prices for raw materials plunged 14.1%, accelerating from a 12% fall in April. Intermediate goods also saw a decline of 2.4% after a slight increase previously, while price growth slowed for both consumer goods (2.1% vs. 4.1%) and capital goods (2.5% vs. 5.2%). On a monthly basis, import prices fell 2.3% in May, extending a streak of four consecutive monthly declines, in line with the global downturn in oil prices.