Seoul: Rising global oil prices amid the Middle East crisis are adding to inflationary pressures in South Korea, the central bank said Friday, vowing to step up market monitoring. Bank of Korea (BOK) Deputy Gov. Kim Woong made the remarks during a meeting to review inflation trends after government data showed consumer prices rose 2 percent on-year in February, marking six consecutive months of inflation at or above 2 percent.

According to Yonhap News Agency, Kim noted that the recent increase in global oil prices is adding upward pressure on costs. However, slower gains in agricultural and livestock prices, alongside government price stabilization measures, are expected to offset some of the pressure. Kim emphasized that the future path of prices will be heavily influenced by oil price movements and that the bank will closely monitor trends amid continued uncertainty over the Middle East situation.

Petroleum prices fell 2.4 percent on-year in February, marking the first decline in six months. However, this figure does not reflect the recent spike in oil prices triggered by the Iran crisis. Global oil prices have surged this week following U.S.-Israeli military operations against Iran, escalating tensions in the broader region.

Reports indicate that oil shipments through the Strait of Hormuz have nearly halted, disrupting global supply and prompting producers to begin cutting output. This development highlights the potential for continued volatility in oil prices, which could further impact South Korea's inflation and economic stability.