Step 1: Concept Elevation of boiling point ($\Delta T_b$) is proportional to molality ($m$), expressed as $\Delta T_b = K_b \cdot m$.
Step 2: Meaning $\Delta T_b$ is the difference between the boiling point of the solution ($T_b$) and the pure solvent ($T_b^\circ$).
Step 3: Analysis $\Delta T_b = 319.8 - 319.5 = 0.3 \text{ K}$.
Given $m = 0.12 \text{ m}$, $K_b = \frac{\Delta T_b}{m} = \frac{0.3}{0.12}$.
Step 4: Conclusion $K_b = \frac{30}{12} = 2.5 \text{ K kg mol}^{-1}$.
Final Answer: (C)