Seoul, August 04 (QNA) - South Korea's consumer prices rose 2.8% in July from a year earlier as oil prices remained elevated, though their rate of increase slowed, data showed Tuesday, with inflation falling below the 3% mark for the first time in three months.

According to data from the Ministry of Data and Statistics, the increase slowed from a 3.1% and 3.2% on-year rise posted in May and June, respectively.

Consumer price growth apparently slowed in July from a month earlier as oil prices showed signs of stabilization, although they remained significantly high compared with 2025.

The report showed oil product prices rose 15.5% from a year earlier in July, remaining elevated but slowing from the 24.7% on-year increase posted in June.

Prices of agricultural, livestock and fishery products increased 0.9%. Service prices moved up 2.6% from a year earlier, driven by higher insurance costs.

Core inflation, which excludes volatile food and energy prices, also advanced 2.6% compared with July last year. It was the sharpest growth since the 2.8% growth posted in December 2023. (QNA)