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Production costs across all industries estimated to have increased 2.3% with rise in raw material prices Updated: 2021-12-01 09:03:29 KST

Production costs across all industries in South Korea are believed to have jumped as raw material import prices rose by about 30 percent in the third quarter, compared to 2017.
According to the Korea Institute for Industrial Economics and Trade, it's estimated rising prices of key raw materials, such as oil, iron ore and copper, led to the 2.3 percent increase.
Manufacturing industry costs are projected to have risen by almost 3.5 percent.
The institute added that, while the increase may seem small, the continued rise in raw material prices affects economic players in the long run.
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