South Korean inflation slows in December

SEOUL: South Korea's inflation rate hit its lowest point for 14 months in December, reflecting plunging oil prices, state data showed Wednesday.

Consumer prices in December rose 0.8 percent from a year ago, slowing from 1.0 percent growth in November, according to state-run Statistics Korea.

This marked the lowest gain since October 2013 when consumer prices rose 0.9 percent.

Consumer prices for the whole of 2014 rose 1.3 percent after growing at the same pace in 2013.

Inflation has remained well under the central Bank of Korea's target of 2.5 to 3.5 percent despite a cut in its key interest rate, sparking concern about deflation.

The core consumer price index, excluding volatile energy and food prices, rose 1.6 percent in December, unchanged from a month earlier.