People shop at a supermarket in Seoul, Feb. 2. Yonhap

Korea's consumer prices increased more than 2 percent from a year earlier last month on a weak local currency that pushed up import prices, data showed Wednesday.

Consumer prices, a key gauge of inflation, rose 2.2 percent on-year in January, according to the data from Statistics Korea. It marked the first time in five months that prices increased by more than 2 percent.

It is also the largest on-year increase since July, when the figure rose 2.6 percent.

Korea's consumer inflation has remained below 3 percent since April, and below the central bank's 2 percent target since September, when it grew 1.6 percent on-year.

The inflation rate dipped further to 1.3 percent in October before slightly rising to a 1.5 percent increase the following month. The rate came to 1.9 percent in December.

The agency attributed the increase to rising energy prices and the depreciation of the Korean won, which drove up major import costs. Additionally, the base effect from last January contributed to the surge.

In January, petroleum product prices jumped 7.3 percent from a year earlier, marking the largest on-year increase since July, when they rose 8.4 percent.

"The rise in exchange rates in November and December appears to have affected petroleum prices," said Lee Doo-won, an agency official, adding that a time lag is expected for other raw materials.

The Korean won has been under pressure due to the political turmoil triggered by President Yoon Suk Yeol's short-lived imposition of martial law on Dec. 3, further exacerbated by U.S. President Donald Trump's tariff threats that may adversely affect Korea's export-dependent economy.

According to the agency, the overall prices of agricultural, livestock and fisheries products rose 1.9 percent on-year last month.

Vegetable prices, which had seen double-digit growth in previous months, increased 4.4 percent amid stable shipments of key items.

Processed food prices climbed 2.7 percent last month, the highest increase since January 2024, when they rose by 3.2 percent.

Personal service prices, excluding dining-out services, increased 3.5 percent on-year in January, the highest since December 2023.

This photo shows travelers bustling at Gimpo Airport in Seoul, Jan. 26. Yonhap

The agency partly attributed the rise in service prices to higher insurance premiums, including private health insurance, as well as increased travel demand, which drove up costs for overseas and domestic tours and condominium stays.

Core inflation, which excludes volatile food and energy prices, gained 1.9 percent on-year, staying below the 2 percent level for the fourth consecutive month, according to the data.

Prices of daily necessities — 144 items closely related to people's everyday lives, such as food, clothing and housing — went up 2.5 percent, slightly accelerating from a 2.2 percent on-year increase in December.

Given uncertainties, such as global oil price fluctuations and abnormal weather conditions, the government will remain vigilant and make every effort to stabilize prices, the finance ministry said.

Among the measures is an extension of the tariff rate quota on energy and food imports to help ease the burden on households, it added. The tariff rate quota system allows a specified volume of imports to enter the country under reduced tariff rates for a set period. (Yonhap)