Key facts
- South Korea's consumer prices rose 2.8% year-on-year in July.
- This marks a three-month low and is below the 3% threshold.
- The July inflation rate was weaker than the 3.0% expected by economists.
- Petroleum product prices fell 5.5% in July, with diesel up 21.5% and gasoline up 12.6%.
South Korea's consumer prices rose 2.8% in July from a year earlier, marking a three-month low and falling below the 3% level for the first time in that period, data from the Ministry of Data and Statistics showed. The July figure was weaker than the 3.0% expected by economists polled by Reuters. The increase slowed from 3.1% in May and 3.2% in June. The July data was primarily driven by petroleum product prices, with diesel prices rising 21.5% and gasoline prices increasing 12.6%. South Korea relies heavily on imports for its energy needs.