South Korea: South Korea’s consumer prices slowed to the lowest level in 45 months in October, staying below 2% for the second consecutive month. Consumer prices, a key gauge of inflation, rose 1.3% on-year last month, compared with a 1.6% on-year increase in September, according to data from Statistics Korea.

According to Qatar News Agency, October’s figure marked the lowest level since January 2021, when consumer prices grew 0.9%. Consumer inflation has stayed below 3% since April and fell below the target rate of 2% for the first time in September.

South Korea’s finance ministry has said that the country is projected to reach the target rate by around the end of 2024, and this year’s prices are projected to rise 2.6%. Core inflation, which excludes volatile food and energy prices, added 1.8%, compared with a 2% on-year increase in September.