Consumer inflation rate in Feb. lowest since July 1999

South Korea's consumer inflation rate remained below the 1 percent level for the third consecutive month in February, fueling concerns that the country could face deflation, the statistical office said Tuesday.

Consumer prices grew 0.5 percent last month from a year ago, after a 0.8 percent on-year gain both in December and January, Statistics Korea said in a monthly report.

The 0.5 percent growth in February marks the lowest since a 0.3 percent on-year gain in July 1999.

Officials attributed the low consumer inflation rate largely due to a plunge in oil prices.

Consumer prices rose 1.3 percent for the second consecutive year in 2014, the lowest pace since 1999 when it gained 0.8 percent.

AJP