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.