Inflation in S. Korea Slows to 11-Month Low of 2.4 Percent in June

Seoul, Consumer prices in South Korea rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier. South Korea's consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, according to the data from Statistics Korea. In January, inflation fell below 3 percent for the first time since July 2023 to come to 2.8 percent, but it rose back to 3.1 percent in February and stayed at the same level the following month before falling to 2.9 percent in April, according to South Korea's News Agency (Yonhap). The government has said that the country is projected to reach the target rate of 2 percent by around the end of 2024, though prices are forecast to ease at a slower pace than earlier expected. Source: Qatar News Agency