Import prices of key raw materials rose for a second consecutive month in February on a steady rise of petroleum and non-ferrous metal prices, a trade association said Friday.

The Korea Importers Association said its price index for imported commodities stood at 387.36 last month, up 16.91 points or 4.56 percent from January.

KOIMA uses 1995 as the base year for the benchmark index that covers 56 key imported raw materials, ranging from corn and soybeans to crude oil and aluminum scraps.

The association attributed last month‘s rise to a gain in prices of some non-ferrous metals, petroleum and other raw materials on rising expectations that the global economy may recover down the road.

Also, a rise in some agricultural products such as rubber led to an overall hike in the commodity prices, it added.

But South Korea’s inflation growth fell to a 14-month low last month as the government pushed to contain inflationary pressure amid concerns that high prices could affect the overall economic recovery.

The country‘s consumer prices rose 3.1 percent in February from

a year earlier, slowing from a 3.4 percent gain in January.

The KOIMA said import prices of key commodities may continue to rise this month as unrest in the Middle East, coupled with steady demand for raw materials, will push up overall commodity prices.

(Yonhap News)