Inflation slowed to the one-percent range in September, hitting its lowest point in over three years.  

According to Statistics Korea on Wednesday, the consumer price index stood at 114-point-65 last month, up one-point-six percent from a year earlier. 

That’s the lowest gain since February 2021, when the rate posted one-point-four percent. 

It marks the first time the inflation rate fell below two percent since March 2021, when it posted one-point-nine percent.

The downward trend has continued since April, when the rate of inflation fell below three percent.  

Petroleum product prices, which slipped seven-point-six percent in September from a year earlier, were the main factor driving this trend.

Prices of agriculture, livestock and fisheries products increased two-point-three percent, while service prices rose two-point-two percent in September from a year ago. 

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