February inflation steady at 2.0%; oil shifts from relief to risk

Описание: 2월 소비자물가 상승률 2.0%... 물가 잠재웠던 유가, 이제 변수로

Consumer prices here in the country held steady last month but their prospects are now looking uncertain as oil prices soar amid tensions in the Middle East.
Kim Jun-hong reports.

South Korea’s consumer inflation held steady at 2-point-zero percent in February, according to data released by the Ministry of Data and Statistics on Friday.
That marks the sixth straight month in the two-percent range, in line with the Bank of Korea’s target.
Service prices rose 2-point-6 percent, driven by personal services while core inflation indicators remained in the mid-2 percent range.
Yet the key factor behind the stable headline figure was petroleum prices, which fell 2-point-4 percent from a year earlier, turning negative for the first time in six months.
But that support may be reversing, as conflict in the Middle East pushes global oil prices higher, with the impact already being felt in South Korea.


"As of Friday, the average price of gasoline in Seoul exceeded 1 U.S. dollar 28 cents per liter. That’s a jump of about 8.7 percent in just days."

With fuel prices soaring day by day, drivers lined up at a gas station in Seoul known for its relatively lower prices nearby.

"I always check gas prices on my commute, and I was surprised to see them jump suddenly. So I took a different route today to stop at a cheaper gas station."


"This doesn’t make sense. I drive a big bus, and it takes about 200 liters to fill up, so I’m paying more than 34 dollars extra every time. It’s getting hard to keep working."


For now, the impact is most visible in gasoline prices, but experts say the effects rarely stop there and often spread to broader consumer prices with a time lag.

"Typically, a 10 percent increase in oil prices could lift inflation by about half a percentage point. With the Korean won also weakening, higher import costs could push up raw material prices and eventually spill over into everyday goods such as flour and sugar."


With the latest inflation data yet to reflect the recent surge, attention is turning to next month’s figures, as the government steps up efforts to closely monitor inflation.
Kim Jun-hong, Arirang News.

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2026-03-06, 17:00 (KST)