SEOUL (Reuters) – South Korea’s import prices fell in annual terms for a fifth month in June and marked the steepest drop in more than eight years, central bank data showed on Thursday, an indication of easing inflationary pressure.

The import price index was 15.7% lower than the same month the year before, after a 12.3% fall in May, according to the Bank of Korea (BOK). It was the biggest percentage fall since April 2015.

The index, measured in the won currency, fell 3.4% over the month, faster than the 3.1% loss in May, as the won strengthened while global oil prices were steady, the BOK said.

Export prices fell 14.7% on an annual basis, also faster than their 11.3% decline the month before and the fastest since October 2009.