Seven out of ten local businesses have raised product prices or service fees amid soaring global prices of raw materials.

According to the results of a survey of 570 businesses nationwide by the Bank of Korea(BOK) released on Monday, 69 percent of the respondents said they had already increased prices. Two-thirds of them raised prices by less than 20 percent of the jump in raw material prices.

Of those that have yet to increase prices, 53 percent said they planned to do so within the year. Eighty-nine percent of businesses in the construction sector were planning a price increase.

Sixty percent of the respondents said raw material prices expanded by less than 20 percent compared to last year, while 40 percent said there was an increase of more than 20 percent.