emirates7 - - Consumer prices in the Republic of Korea rose at the slowest pace in five months in January, partly supported by steady petroleum product prices, government data showed on Tuesday.

The Consumer Price Index, a key measure of inflation, increased 2 percent year-on-year last month, according to figures from the Ministry of Data and Statistics. This marked the smallest annual rise since August, when inflation stood at 1.7 percent.

According to Yonhap News Agency, inflation had remained above the Bank of Korea's 2 percent target for four consecutive months from September to December.

The ministry attributed last month's slower growth primarily to petroleum product prices, which remained largely unchanged from a year earlier.

Core inflation, which excludes volatile food and energy prices, went up 2.3 percent on-year in January, the ministry said.