The country’s inflation rate fell below three percent for the first time in 21 months in June.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 111-point-12 in June, up two-point-seven percent from a year earlier.

It marks the first time the rate fell to the two-percent range since September 2021, when it posted growth of two-point-four percent, and continues the five-month slowdown in consumer price growth that began after posting five-point-two percent in January.

The decline is attributed to drops in the prices of petroleum products, which plunged 25-point-four percent in June from a year earlier, the largest fall since January 1985.

Core inflation, which excludes volatile food and oil prices, rose four-point-one percent on-year in June, the lowest since May of last year.