A new report finds that consumer prices in South Korea grew at the slowest pace in five months in December amid the government’s fuel tax cut. 

According to the report released by Statistics Korea on Monday, the consumer price index grew one-point-three percent on-year in December. That’s the lowest growth to be posted since the index jumped one-point-one percent in July. 

The inflation rate had stood below two percent for eleven months before climbing to two-point-one percent in September. It then remained in the two percent range for three straight months before slipping to the one percent range this month. 

Head of agency’s Price Statistics Division, Kim Yoon-sung, said though consumer prices grew this year amid a rise in global oil prices and serious heat waves, the overall inflation rate slowed due to a drop in rent and utility costs.