Seoul: South Korea's consumer prices grew by less than 2 percent in August, marking the slowest pace of growth in nine months, data showed Tuesday. Consumer prices, a key gauge of inflation, increased 1.7 percent from a year earlier last month.

According to Yonhap News Agency, inflation had remained above the Bank of Korea's 2 percent target for four consecutive months through April before slowing to 1.9 percent in May. It then climbed again, staying above 2 percent in both June and July.

This recent development also marks the slowest growth since November 2024, when the comparative figure grew by 1.5 percent on-year. The data reflects a significant deceleration in the inflation rate, which may have implications for the country's economic policy and consumer spending patterns.