South Korea’s consumer price inflation stays low

Seoul, July 1 (IANS) South Korea’s consumer price inflation stayed at the lowest level in nearly 14 years for two straight months due to the persistently stable picture of farm goods and oil prices, a government report showed Monday.

Consumer prices rose 1 percent in June from a year earlier, stayed at the level for the second consecutive month, according to a report by Statistics Korea. From a month before, the prices fell 0.1 percent, reported Xinhua.

The on-year figure was the lowest since September 1999 when the prices gained 0.8 percent, and remained in the 1-percent range for eight straight months.

The trend of stable prices was attributed to a continued fall in farm goods and petroleum product prices coming from good weathers and stable crude oil prices. Prices for agricultural and oil products declined 4.7 percent and 0.1 percent each in June from the prior month.

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