South Korea’s consumer prices slowed to the lowest level in about 3 1/2 years in August, staying below 3 percent for the fifth month in a row, data showed Tuesday.

Consumer prices, a key gauge of inflation, rose 2 percent on-year last month, compared with a 2.6 percent on-year rise a month earlier, according to the data from Statistics Korea.

August’s figure marked the lowest level since March 2021, when consumer prices grew 1.9 percent.

It was also the fifth consecutive month that the price stayed below 3 percent.

The government has said that the country is projected to reach the target rate of 2 percent by around the end of 2024.

The finance ministry expects this year’s prices to rise 2.6 percent.

Source: Yonhap News Agency