(Yonhap)-


South Korea's consumer prices slowed to the lowest level in 3 1/2 years in September, falling below 2 percent for the first time since early 2021, data showed Wednesday.

Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent on-year increase a month earlier, according to the data from Statistics Korea.

September's figure marked the lowest level since February 2021, when consumer prices grew 1.4 percent.

The figure last came to the 1 percent range in March 2021 by logging 1.9 percent.

The government has said that the country is projected to reach the target rate of 2 percent by around the end of 2024, and it saw consumer inflation stay below 3 percent for the sixth consecutive month through September.

The finance ministry expects this year's prices to rise 2.6 percent.