South Korea’s consumer price growth fell below 3% for the first time in nearly two years, marking the fifth consecutive month of deceleration, according to a Statistics Korea report. The drop to a 2.7% year-on-year increase in June from a 3.3% rise in May reflects declining fuel costs and a slower service sector growth rate. Inflation stayed above 2% — the central bank’s inflation target over the medium term — for the 27th straight month in June.

The central bank has kept the benchmark interest rate steady at 3.5%due to reduced inflationary pressure and increasing concerns about