South Korea's consumer prices grew at the slowest pace in more than a year in April, data showed Tuesday, in the latest signal that inflation has receded.
Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, compared with a 4.2 percent on-year rise in March, according to the report from Statistics Korea.
It is the first time in 14 months that the on-year inflation growth fell below 4 percent.
In April, the Bank of Korea held the benchmark interest rate steady for the second straight time at 3.5 percent on easing inflationary pressure and concerns about an economic downturn after seven straight hikes.
Inflation stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 25th straight month in April.
Source: Yonhap News Agency