The inflation rate held steady in the two-percent range for the third consecutive month in June.

According to Statistics Korea on Tuesday, the country's consumer price index stood at 113-point-84 in June, up two-point-four percent from a year earlier.

This marks the lowest rate in eleven months, matching July of last year when it also stood at two-point-four percent.

The inflation rate has been steadily slowing, dropping below three percent to two-point-nine percent in April, continuing to decelerate to two-point-seven percent in May, and two-point-four percent in June, marking three consecutive months of decline.

Commodity prices rose two-point-seven percent on-year, while prices of agricultural, livestock, and fishery products jumped six-point-five percent. However, prices of apples and pears soared by over 60 percent and nearly 140 percent, respectively. 

Services prices also gained two-point-two percent in June from a year earlier. 

Core inflation, which excludes volatile food and energy prices, rose two-point-two percent year-on-year.