SEOUL (Thomson Financial) - South Korea's import prices advanced at their fastest pace in 10 years in April after international prices of crude oil and other commodities soared to record levels, the central bank said Friday..

Import prices surged 31.3 percent in April from a year ago, the steepest rise since May 1998 when prices jumped 31.9 percent, the Bank of Korea (BOK) said.

Compared to March, import prices rose 3.8 percent in April, after accelerating 8.2 percent in March from February, as the won's depreciation against the U.S. dollar slowed.

In April, the won/dollar average exchange rate was at 986.66 compared to 979.76 in March. The won fell 0.7 percent to the greenback last month, easing from its 5.9 percent slump in March.

A weaker won against the U.S. dollar pushes Korean companies' import bills.

Prices of raw materials, including crude oil and natural gas, rocketed 58.5 percent from a year ago in April, after jumping 56.4 percent in March.

International crude oil prices jumped more than 10 percent in April.

South Korea is the world's fifth-largest crude oil buyer and relies entirely on imports for its oil needs.

($1 = 1,042.6 won)

eunkyung.seo@thomsonreuters.com

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