Workers in Korea pick up lunch boxes at a convenience store.
SAE Reuters - South Korea's consumer inflation eased for a fourth consecutive month in May to the lowest level in 19 months, matching market expectations.
In May, the Consumer Price Index rose 3.3% to 3.3% over a year earlier, compared to a 3.7% rise in the previous month and a 3.3% forecast in a Reuters survey.
It was the slowest rise since October 2021, reaching a near-24-year high of 6.3% in July 2022.
The index increased 0.3% in May, after a 0.2% hike in April, extending its streak of gains to a sixth consecutive month.
Rural prices rose 0.5% over a month earlier, while utility prices rose 2.2%. However, petroleum products fell 1.4%, dragging the annual rate lower.
The Core CPI, which excludes volatile food and energy prices, rose 3.9% in May compared to the same month a year earlier and marked the slowest increase in 10 months.
The annual core inflation rate has remained above the headline rate for the second consecutive month, following an increase of 4.0% in the previous month.