South Korea's import prices soared to a record high in March amid soaring prices of oil and raw materials.

According to data from the Bank of Korea on Thursday, the country's import price index marked 148-point-eight in March, up seven-point-three percent from a month earlier.

The reading marked the highest since January 1971 when the nation started compiling related data. It surpassed the previous record set in March 2012.

The seven-point-three percent growth marks the largest on-month gain since May 2008, when it posted ten-point-seven percent. From a year earlier, the reading surged 35-point-five percent.

The export price index also jumped five-point-seven percent on-month to 125-point-03 in March, the highest since April 2009.

The growth marks the largest on-month gain since October 2008. From a year earlier, the reading jumped 22-point-eight percent.

Export and import prices posted on-month growth for three straight months. The rises in export and import prices are attributed to soaring oil prices.

Prices of Dubai crude, South Korea's benchmark, jumped over 20 percent in March from the previous month, and prices of coal and petroleum products also rose 19-point-one percent on-month in March.