South Korea's consumer prices rose at a 2 percent level for the second consecutive month in February, driven by a weaker local currency that pushed up import costs, data showed Thursday.
Consumer prices, a key gauge of inflation, increased 2 percent from a year earlier last month, according to the data from Statistics Korea. This follows a 2.2 percent on-year rise in January, which marked the steepest on-year increase since July.
South Korea's consumer inflation has remained below 3 percent since April and below the central bank's 2 percent target since September, when it grew 1.6 percent on-year.
The inflation rate dipped further to 1.3 percent in October before slightly rising to 1.5 percent the following month. The rate came to 1.9 percent in December.
The agency attributed the recent uptick to higher energy prices and the depreciation of the Korean won. South Korea relies heavily on imported oil to meet its energy needs.
"International crude prices have remained stable compared to the same period last year, but factors, such as the exchange rate and the reduction of fuel tax cuts, have had an impact," said Lee Doo-won, an official at Statistics Korea.
In February, petroleum product prices climbed 6.3 percent on-year, slightly easing from a 7.3 percent increase in January that marked the largest on-year gain since July.
The Korean won has been under pressure due to political uncertainty following President Yoon Suk Yeol's short-lived imposition of martial law on Dec. 3. The situation has been further exacerbated by US President Donald Trump's tariff escalation.
By sector, prices of agricultural, livestock and fisheries products increased 1 percent on-year in February, while those of industrial goods rose 2 percent, according to the agency.
Notably, agricultural product prices fell 1.2 percent on-year, as fruit prices continued their downward trend since September. The price increase of key vegetables, such as cabbage, has also slowed.
Service prices climbed 2.1 percent on-year, partly driven by higher insurance premiums. Private health insurance costs, in particular, surged 15.1 percent from a year earlier.
Core inflation, which excludes volatile food and energy prices, grew 1.8 percent on-year, staying below the 2 percent level for the fifth consecutive month.
"Excluding petroleum products, core inflation remains at a relatively stable level," Lee said.
Prices of daily necessities -- 144 items closely related to people's everyday lives, such as food, clothing and housing -- went up 2.6 percent, slightly accelerating from a 2.5 percent on-year increase the previous month.
The finance ministry said the government will stay vigilant and take all-out measures to stabilize prices, as inflation remains subject to uncertainties, such as global oil prices and weather conditions.
The government's measures include adjusting tariffs on imported oil and key food ingredients, as well as stockpiling and releasing agricultural and fisheries products, the ministry added. (Yonhap)
