South Korea’s consumer prices rose 2.8% in July from a year earlier, slowing from June’s 3.2%, the Ministry of Data and Statistics said Tuesday. Prices fell 0.2% from June, the first monthly decline in eight months, after the government lowered its legal ceiling on fuel prices and vegetable prices dropped. Core inflation rose to 2.6%, the highest in two years.

The Bank of Korea (BOK) convened a price review meetingshortly after the release and said August inflation would run higher, because some mobile carriers cut fees sharply a year ago and will make this August’s comparison look worse.