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| ▲ This photo, taken March 2, 2022, shows gas prices at a filling station in Seoul. (Yonhap) |
consumer prices-February
Inflation growth hits over 3 pct for 5th month in Feb. amid soaring oil prices
By Kim Soo-yeon
SEOUL, March 4 (Yonhap) -- South Korea's consumer prices grew more than 3 percent for the fifth straight month in February as energy costs spiked amid the Ukraine crisis, data showed Friday.
The consumer prices rose 3.7 percent on-year last month, compared with a 3.6 percent on-year gain in January, according to the data compiled by Statistics Korea.
The country's consumer inflation has grown more than 3 percent since October last year. Inflation growth stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 11th consecutive month.
Core inflation, which excludes volatile food and oil prices, advanced 2.9 percent on-year last month, the fastest gain since June 2009.
High inflation came as oil prices surged on tight supplies and tensions over Russia's invasion of Ukraine.
Dubai crude, South Korea's benchmark, came to US$110.05 per barrel Wednesday, up from $77.12 at the end of last year. South Korea depends mainly on imports for its energy needs.
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