Consumer prices in May grew at the slowest pace in 19 months as the rate contraction continued into the fourth consecutive month.

According to Statistics Korea on Friday, the country's consumer price index stood at 111-point-13 in May, up three-point-three percent from a year earlier, to post the smallest growth in 19 months since October 2021 when it rose three-point-two percent.

The index represents a drop of zero-point-four percentage points from the previous month to maintain the on-month slide that began in February.

Consumer prices are slowly stabilizing since peaking at six-point-three percent in July of last year, with the recent downward trend attributed to a sharp drop in the prices of petroleum products, which took the largest plunge in three years at 18 percent on-year in May.

The prices of industrial goods gained one-point-eight percent last month from a year earlier, while prices of agricultural, livestock and fisheries products dropped zero-point-three percent on-year.

The prices of electricity, gas and water soared 23-point-two percent over May of last year, slowing slightly from the 23-point-seven percent logged the previous month.

Core inflation, which excludes volatile food and oil prices, rose four-point-three percent on-year.