Consumer prices grew at the slowest pace in 14 months in April.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 110-point-80 in April, up three-point-seven percent from a year earlier.

It represents a drop of zero-point-five percentage points from the four-point-two percent growth the previous month, and the first time the rate fell to the three-percent range since February of last year, when it posted growth of three-point-seven percent.

Consumer prices are slowly stabilizing since peaking at six-point-three percent in July of last year.

The decline is attributed to drops in the prices of petroleum products, which slipped 16-point-four percent in April from a year earlier, the largest fall in 35 months.

Electricity, gas and water prices soared 23-point-seven percent on-year in April, while the prices of industrial goods climbed two percent last month from a year earlier, and those of agricultural, livestock and fisheries products rose one percent.

Core inflation, which excludes volatile food and oil prices, rose four-point-six percent on-year in April, down zero-point-two percentage points from a month earlier.