South Korea's consumer prices slowed to the lowest level in nearly 3 1/2 years in August on easing prices of farm produce and global oil, official data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2% on-year last month, compared with a 2.6% on-year rise a month earlier, according to the data from Statistics Korea, cited by Yonhap News Agency. August's figure marked the slowest increase since March 2021, when consumer prices grew 1.9%. It was also the fifth consecutive month that the price growth stayed below 3%. The South Korean government has said that the country is projected to reach the target rate of 2% by around the end of 2024. The Finance Ministry expects this year's prices to rise 2.6% Source: Qatar News Agency
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