South Korea’s consumer prices have posted the lowest on-year growth in 16 months due to tenaciously low oil prices.

Statistics Korea said on Thursday that the nation’s consumer price index in August inched up by zero-point-four percent from the same month last year.

It marks the smallest on-year consumer price growth since a zero-point-four percent growth in April 2015.

The consumer price growth hovered above one percent between February and April, but fell below the one-percent level for the four following months beginning May.

The prices of oil and related products dipped by eight-point-eight percent on-year in August, dragging down the overall consumer price by zero-point-37 percentage points.

The prices of services, however, rose one-point-nine percent from a year earlier.

Woo Young-jae, a director of the price statistics division at Statistics Korea, said the oil prices were moving upward between April and July but began to fall again in August, contributing to the continued low price growth rally.

Woo said due to sweltering heat, the prices of agricultural products rose by one percent last month.