The country’s inflation rate stayed below three percent for the second consecutive month in July.

According to Statistics Korea on Wednesday, the country's consumer price index stood at 111-point-20 in July, up two-point-three percent from a year earlier to post the lowest growth in 25 months since June 2021, when it rose two-point-three percent.

The index inched up by one-tenth of a percent from June, when it posted an increase of two-point-seven percent to fall below three percent for the first time in 21 months since September 2021.

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

Core inflation, which excludes volatile food and oil prices, rose three-point-nine percent on-year in July, the lowest since April of last year.