South Korea's Inflation Eases to 2.8% in July, Back Under 3% for the First Time Since April

• ▸South Korea's consumer price index rose 2.8% year-on-year in July 2026, down from 3.2% in June, according to the country's Ministry of Data and Statistics — the first reading back under 3% in three months.
• ▸Petroleum prices were still up 15.5% year-on-year but decelerated sharply from June's 24.7% increase, while agricultural product prices fell 2.2%, together easing the headline rate.
• ▸Core inflation measures softened only slightly, with the index excluding volatile food and energy items still running at 2.5%–2.6% annually — above the Bank of Korea's 2% target even as the headline rate cooled.