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South Korea’s consumer price inflation slowed in June but remained above the central bank’s target for the third straight month, data from Statistics Korea showed on Friday.

Consumer prices grew 2.4 percent year-on-year in June, slower than the 2.6 percent increase seen in May and the economists’ forecast of 2.5 percent.

Nonetheless, the rate remained above the target of 2 percent since April. The 2.6 percent inflation rate posted in May was the highest since early 2012.

On a monthly basis, consumer prices were down 0.1 percent, offsetting May’s 0.1 percent rise.

Excluding food and energy, core inflation held steady at 1.2 percent in June.

Food and non-alcoholic beverages cost advanced 6.5 percent and transport prices grew 8.3 percent. Clothing and footwear prices gained only 0.2 percent. At the same time, housing, water, electricity, gas and other fuels prices rose 1.2 percent.


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