Seoul: South Korea's consumer prices increased at a rate below the central bank's 2 percent target for the third consecutive month in November, according to data released Tuesday. The rise in consumer prices, a crucial indicator of inflation, was recorded at 1.5 percent compared to the same period last year. This follows a 1.3 percent increase in October and a 1.6 percent rise in September. According to Yonhap News Agency, South Korea's consumer inflation has remained under 3 percent since April, dropping below the 2 percent inflation target for the first time in September. The data from Statistics Korea highlighted that the prices of agricultural, livestock, and fisheries products increased by 1 percent on-year last month. Vegetables experienced a notable increase of 10.4 percent due to adverse weather and reduced shipments of essential items like radishes and cabbages, crucial for kimchi. In contrast, fruit prices fell by 8.6 percent due to stable supply levels. Petroleum product prices saw a decline of 5 .3 percent from a year earlier, attributed to easing global oil prices. Baek Ji-seon, an agency official, explained, "The drop is due to the decline in international oil prices compared with the same month last year." Dubai crude, the benchmark for South Korea, averaged US$72.6 per barrel last month, marking a 13.1 percent decrease from the previous year. Core inflation, which excludes volatile food and energy prices, rose by 1.9 percent, slightly up from a 1.8 percent increase in October. Additionally, prices of daily necessities, encompassing 144 essential items related to food, clothing, and housing, increased by 1.6 percent last month. First Vice Finance Minister Kim Beom-seok addressed the ongoing inflation trends during a meeting with economic officials, stating, "If no significant shocks occur, inflation is expected to remain within the 2 percent range." He assured continued government efforts to stabilize prices and aid households affected by prolonged high inflation.