Statistics Korea has released its data on consumer prices for December which shows a slowdown from the previous month.
For 2018 as a whole, inflation has been lower than the previous year.
Kim Hyesung reports.
South Korea's consumer prices rose one-point-three percent on-year in December, the lowest increase in five months.
Statistics Korea says agricultural goods prices rose by double digits, but falling global oil prices drove down overall consumer prices, leading to a slowdown from the roughly two percent on-year price gains seen in September, October and November.
Petroleum goods prices fell near three percent on-year, showing a negative trend for the first time since November 2016...on lower oil prices and the government's fuel tax cut.
Agricultural goods prices in December went up 10-point-seven percent, prices of rice soared by nearly 24%, tomatoes were up 30%.
Electricity, water and gas prices rose 1-point-four percent, slowing from the previous month after a cut in gas prices.
Core inflation, excluding food and energy prices rose by one-point-one percent in December.
For 2018 as a whole, prices rose 1-point-five percent, lower than the Bank of Korea's target of two percent.
It's also lower than 2017's 1-point-9 percent, but higher than 2016's 1 percent gain.
Agriculture, meat and seafood prices rose near four percent on-year in 2018, industrial goods rose slightly by 1-point-three percent, but electricity water and gas fell by nearly three percent.
Statistics Korea said in 2018, weather conditions like the heat wave in the summer led to agricultural price gains but falling oil prices and electricity and gas prices slowed down overall inflation in the later half of this year.
Kim Hyesung, Arirang News.