Inflation reached its lowest point in almost four years in October, remaining in the one-percent range for the second consecutive month.  

According to Statistics Korea on Tuesday, the consumer price index stood at 114-point-69 last month, up one-point-three percent from a year earlier. 

That’s the lowest gain since January 2021, when the rate posted zero-point-nine percent. 

The index fell to the one-percent range in September after staying above two percent since April. 

The decrease is attributed to a fall in oil prices, with the prices of industrial products declining zero-point-three percent in October from a year earlier, their first drop in three years and eight months. 

Prices of agriculture, livestock and fisheries products increased one-point-two percent, while service prices rose two-point-one percent in October from a year ago. 

Core inflation, which excludes volatile food and energy prices, rose one-point-seven percent year-on-year.