SEOUL, 5th November, 2024 (WAM) -- The Republic of Korea's consumer prices slowed to the lowest level in 45 months in October, staying below 2 percent for the second consecutive month, data showed Tuesday.
Yonhap News Agency quoted data from Statistics Korea as saying that consumer prices - a key gauge of inflation - rose 1.3 percent on-year last month, compared with a 1.6 percent on-year increase in September.
October's figure marked the lowest level since January 2021, when consumer prices grew 0.9 percent.
Consumer inflation has stayed below 3 percent since April and fell below the target rate of 2 percent for the first time in September.
The finance ministry has said that the country is projected to reach the target rate by around the end of 2024, and this year's prices are projected to rise 2.6 percent.