February Inflation Rises Above 2% for Second Consecutive Month

In February, consumer prices continued their upward trend, marking the second consecutive month of inflation above 2 percent. This increase was partly driven by rising petroleum prices, according to the latest report from Statistics Korea.

By category, agricultural, livestock, and fisheries products saw a 1.0 percent increase compared to the same month last year. Notably, the prices of napa cabbage, radish, and carrots surged significantly, while green onions saw a notable decline.

Service prices increased by 2.1 percent, with dining-out costs rising by 3.0 percent. Processed food prices also rose, contributing to the overall upward trend in food prices.

Despite the overall inflation rate of 2.0 percent, the Living Price Index, which reflects consumer-perceived inflation, rose 2.6 percent. A Statistics Korea official highlighted the need for close monitoring of processed food and dining-out prices in the coming months due to uncertainty in the global raw materials market.