South Korea ranked near the bottom in terms of inflation among the world's major advanced countries, raising concerns over possible deflation.

According to the data by the Organization for Economic Cooperation and Development (OECD), South Korea's consumer price index (CPI) rose half a percent on-year in February.

It was the second-lowest figure among the 36 OECD member countries after Japan, which posted point-two percent.

Only three other countries – Greece, Ireland and Portugal – had a CPI lower than one percent.

The OECD average was tallied at two-point-one percent and the figure for the Group of Seven industrialized countries marked one-point-three percent, both much higher than South Korea's figure.