South Korea inflation down to 1.3 percent

(MENAFN) Consumer prices in South Korea increased 1.3 percent this year compared to last year, registering the lowest in 14 years, Xinhua reported. The country's Finance Ministry said that the inflation has continued its downward trend, as it came at 4 percent in 2011 and 2.2 percent in 2012. Prices for agricultural, fishery and livestock products dropped 0.6 percent this year, while agricultural product prices and livestock product prices dropped 1 percent and 0.9 percent respectively. Oil product prices plunged 3.3 percent due to lower global oil prices. The government said that other efforts made to lower the inflation, such as free school meal and free childcare, were also responsible for the decrease.