SEOUL, Aug. 1 (Yonhap) -- South Korea's consumer prices grew at the fastest pace in five months in July, but they ran below the central bank's inflation target band, a government report showed Thursday.
The country's consumer prices index rose 1.4 percent in July from a year earlier, picking up from a 1 percent on-year gain in June, according to the report by Statistics Korea.
The July data marked the fastest on-year growth since February when the index rose an identical 1.4 percent on-year.
From a month earlier, consumer inflation rose 0.2 percent after dipping 0.1 percent on-month in June.
Korea's consumer prices remained in the 1-percent range for the ninth straight month in July. The on-year growth of consumer prices in July still ran below the Bank of Korea (BOK)'s inflation target band of 2.5-3.5 percent for 2013-2015.
Korea's inflation remains benign amid falling oil costs, leading the BOK to make the first rate cut in seven months in May. The government and the BOK now expects the 2013 consumer inflation to grow 1.7 percent.