The inflation rate fell below three percent for the first time in three months in April. 

According to Statistics Korea on Thursday, the country's consumer price index stood at 113-point-99 in April, up two-point-nine percent from a year earlier.

The inflation rate fell below three percent in April after posting three-point-one percent in February and March. 

Commodity prices rose three-point-eight percent, while the prices of agricultural, livestock and fishery products jumped ten-point-six percent, and the prices of apples and pears soared over 80 percent and 100 percent, respectively. 

Services prices gained two-point-two percent in April from a year prior. 

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