SEOUL, March 6 (Xinhua) -- South Korea's consumer price rose slower last month due to a downturn in agricultural products price that offset the local currency's descent versus the U.S. dollar, statistical office data showed Thursday.
Consumer price index (CPI) gained 2.0 percent in February from a year earlier after going up 2.2 percent in the previous month, according to Statistics Korea.
The lower inflation was attributable to a fall in agricultural products price, which shrank 1.2 percent last month after climbing 0.6 percent in January.
Price for agricultural, livestock and fishery products grew 1.0 percent last month, lower than a growth of 1.9 percent in the previous month.
Prices for green onion, cucumber, tomato, banana and persimmon dived in double digits, but those for carrot, white radish, napa cabbage and tangerine spiked in double figures.
Prices for livestock and fishery products were up 3.8 percent and 3.6 percent respectively.
The headline inflation showed an upward tendency in recent months from 1.3 percent in October to 1.5 percent in November and 1.9 percent in December last year.
The central bank cut its benchmark interest rate by a quarter percentage point to 2.75 percent in February, after slashing it by the same percentage point in October and November last year.
The rate cuts stemmed from a dimmer growth outlook. The central bank revised down growth forecast for 2025 by 0.4 percentage points to 1.5 percent in February compared to three months earlier.
Oil products price advanced 6.3 percent in February from a year earlier, pulling up the overall headline inflation by 0.24 percentage points.
Price for industrial products, including oil products, gained 2.0 percent in February, dragging up the consumer price inflation by 0.67 percentage points.
The processed food price climbed 2.9 percent in February on a yearly basis, higher than an expansion of 2.7 percent in the previous month.
Price for electricity, natural gas and tap water swelled 3.1 percent, pulling up the overall inflation by 0.12 percentage points.
City gas charges, heating costs and waterworks fee mounted in single digits, but electricity bill was down 0.4 percent.
Private service price, including eating-out cost, gained 3.0 percent last month, while public service price added 0.8 percent.
Housing rent, including Jeonse and monthly rent, inched up 0.7 percent in February from a year earlier.
Jeonse is South Korea's unique contract between two households where a landlord grants a two-year residential right to a tenant, who in turn lends a certain amount of money, or deposit, to the landlord.
The livelihood items index, which gauges price for daily necessities, added 2.6 percent in February on a yearly basis after rising 2.5 percent in the previous month.
The fresh food index, which measures the price for fish, shellfish, fruit and vegetable, slipped 1.4 percent last month, turning downward from an increase of 0.7 percent in the prior month.
Demand-side inflationary pressure remained relatively low. The core consumer price index, which excludes volatile agricultural and oil products, appreciated 1.9 percent last month. ■
