The inflation rate slowed to the two-percent range for the first time in six months in January. 

According to Statistics Korea on Friday, the country's consumer price index stood at 113-point-15 in January, up two-point-eight percent on-year.

The inflation rate fell below three percent for the first time since July last year when it marked two-point-four percent. 

The rate then rose to three-point-eight percent in August, and further to three-point-eight in October, before slowing to three-point-three percent in November and three-point-two percent in December.  

Core inflation, which excludes volatile food and oil prices, rose two-point-six percent in January from a year earlier.

Prices of agricultural, livestock and fishery products rose eight percent on-year in January, while the prices of petroleum products dropped five percent on-year.