Photo: Yonhap News

Export and import prices in February both reached their highest levels in nearly a decade due to soaring crude oil and commodity prices.

According to data from the Bank of Korea on Tuesday, the country’s export price index stood at 118 points 21 last month, up 2.1 percent from the previous month.

The index hit its highest level since June 2016 and climbed 20.3% from a year ago.

The import price index also rose 3.5% month on month in February to 137 points 34, the highest since September 2012.

Compared to a year earlier, the index jumped 29.4%.

The increases in import and export prices are attributed to soaring crude oil prices. The price of Dubai crude, the South Korean benchmark, jumped 10.7% in February.

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