Oil prices are displayed at a gas station in Seoul, Sunday. Yonhap
Korea's consumer prices rose 2.8 percent in July from a year earlier as oil prices remained elevated, though their rate of increase slowed, data showed Tuesday, with inflation falling below the 3 percent mark for the first time in three months.
According to data from the Ministry of Data and Statistics, the increase slowed from a 3.1 percent and 3.2 percent on-year rise posted in May and June, respectively.
Consumer price growth apparently slowed in July from a month earlier as oil prices showed signs of stabilization, although they remained significantly high compared with 2025.
The report showed oil product prices rose 15.5 percent from a year earlier in July, remaining elevated but slowing from the 24.7 percent on-year increase posted in June.
