South Korea's inflation rate marked below one percent for the first time in a year in January due to falling crude oil prices and the government's cut of fuel taxes.

According to Statistics Korea on Friday, consumer prices rose point-eight percent last month from a year earlier, down from the previous month's one-point-three percent on-year gain. 

The drop was mainly led by prices of industrial goods, which declined by point-seven percent from a year earlier. In particular, prices of petroleum products plunged by nine-point-seven percent on-year in January. 

Public utility rates fell by point-three percent on-year last month, marking the first drop in almost seven years.