UPDATE 1-S.Korea April import price growth near 10-yr high

(Recasts throughout, adds IMF comments)

By Cheon Jong-woo and Lee Jin-joo

SEOUL, May 16 (Reuters) - South Korea's import prices in April grew by their fastest pace in nearly a decade from a year ago, data showed on Friday, and are expected to gather pace in May on accelerating global raw material prices and a softer won.

South Korean import prices in won terms rose 31.3 percent in April from a year earlier, the strongest pace since a 31.9 percent annual gain posted in May, 1998, the Bank of Korea said in a statement.

March import prices had risen 28.0 percent from a year ago.

Import prices in April rose 3.8 percent from the previous month, slowing from an 8.2 percent monthly increase in March, the data showed.

"Given higher oil and raw material prices and a weaker won, May's import prices are expected to be higher than April," a central bank official told Reuters by telephone, asking not to be identified.

Central bank data also showed that annual import prices in foreign currency climbed 21.9 percent in April, from 21.0 percent in March, showing that around 10 percent of the rise was solely contributed by the decline of the local currency.

The local unit KRW= last week fell to its weakest point against the dollar in more than two and a half years while oil prices hit a record high around $127 a barrel.