First vice finance minister Kim Beom-sok said that inflation will begin to slow to the lower- or mid-two percent range from next month if the weather conditions improve and there are no additional shocks to the economy. 

The vice minister presented the assessment on Friday during a meeting with other economy-related vice ministers in Seoul, while reviewing the trend of consumer prices for July.

Consumer prices grew two-point-six percent in July from a year ago, while the inflation rate increased slightly from two-point-four percent growth in June. However, it has remained in the two-percent range for four consecutive months.

Vice minister Kim said that inflation increased slightly in July due to heavy rains and a rise in global oil prices, but otherwise assessed that prices remain stable, citing that there has been little change over the last four months.

The vice minister then vowed the government’s best effort to keep prices at stable levels amid uncertainties with weather conditions and growing tensions in the Middle East.