Inflation Below 2% for 23rd Month

Inflation hovered below two percent level for the 23rd-straight month in September. According to data released by Statistics Korea on Wednesday, inflation rose just 1.1 percent compared to September 2013.

It has not exceeded two percent since 2012.

This year, consumer prices rose just 1.7 percent in June, 1.6 percent in July and 1.4 percent in August, far below the Bank of Korea's inflation cap of between 2.5-3.5 percent.

An official at the Ministry of Strategy and Planning said, "Consumer prices are expected to remain stable for the time being."

The main reason is stable raw material prices, including oil prices, which fell 5.7 percent compared to last year.