Finance Minister Choo Kyung-ho said on Sunday that the inflation rate is expected to fall to the two-percent range in June or July.

Appearing on a KBS program, Choo said that in general, consumer prices are gradually stabilizing, and he thinks inflation will hit the two percent level this month or next month.

Consumer prices rose three-point-three percent in May from a year earlier.

Regarding the prices of instant noodles, Choo said that companies sharply raised their prices in September and October last year, but international flour prices plunged around 50 percent since then, calling for price cuts in line with the fall in flour prices.

On utility fees such as electricity and gas prices, the minister said that although the global price of energy resources has stabilized, it will take years for state-run companies to overcome their deficits.

Choo hinted that the government is not considering additional hikes at the moment, saying that the government prevents utility rates from rising sharply by distributing the rise over several periods.