Households in South Korea will see their electric bills go up a bit in the fourth quarter this year.
Korea Electric Power Corporation, the state-run electricity provider, announced on Thursday that it's raising its rates starting in October.
It's been almost 8 years since the company has raised prices, but it now says mounting losses due to higher global fuel prices have left it no choice.
Under the new rates, an average four-member household is expected to pay a maximum of 1,50 won more or about 90 U.S. cents extra every month.
Experts say this could put further inflationary pressure on the South Korean economy.