Consumer price growth stays below 1% for 7th month

South Korea's consumer prices rose 0.6 percent in July from a year earlier, staying below the 1 percent threshold for the seventh consecutive month, government data showed Thursday.

From a month earlier, the consumer price index fell 0.3 percent, according to the data from Statistics Korea.

(Yonhap)

"Consumer price growth below 1 percent due to temporary factors is not tantamount to deflation," Lee Doo-won, director at the agency's price statistics division, said, citing declines in prices of petroleum products, as well as agricultural, livestock and fishery products.

Core inflation -- which excludes agricultural and petroleum products -- rose 1 percent from a year earlier.

Prices of petroleum products fell 5.9 percent in July from a year earlier, while prices of agricultural, livestock and fishery products fell 0.3 percent, according to the data.

Utility prices rose 2 percent on-year last month, while prices of service charges increased 1 percent. (Yonhap)