Import price growth hits 2-year high in Feb.

South Korea's import prices rose at the steepest pace in two years in February on a hike in oil and commodity costs, the central bank said Tuesday, indicating a buildup in growing inflationary pressure.

In local currency terms, the country's import prices jumped 16.9 percent in February from a year earlier, accelerating from a 14.1 percent on-year expansion in January, according to the Bank of Korea (BOK).

The February reading marked the sharpest expansion since an 18 percent on-year gain registered in February 2009, the bank said.

The country's import prices rose for the 11th straight month in February and the pace of their ascent has quickened since August amid rising international raw material prices, the BOK added. Compared with the previous month, import prices rose 3.1 percent last month.

The cost of raw materials soared 32.7 percent last month, up from 24.2 percent in January and the fastest growth since a 47.3 percent on-year expansion in October 2008. South Korea, the world's fifth-largest crude buyer, relies almost completely on imports for its oil needs.

The central bank also said export prices in Korean won terms rose 5.6 percent on-year in February, up from a 4.9 percent gain in January. (Yonhap)