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Import prices are on the rise. The Bank of Korea announced Tuesday prices of imports last month recorded a more than 21 percent increase compared to the same time last year.
This is the highest rise in more than nine years. Producer prices also rose by about 6 percent from the same time last year, hitting the highest level in three years.
The central bank attributed the surge to rising prices of oil, grains and other raw materials.
Analysts say the rise could lead to higher consumer prices as companies pass increasing production costs on to customers.
Arirang News
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