South Korea's consumer prices rose 2.9% year-on-year in September, easing from 3.1% in August and falling below 3% for the first time in two months. The consumer price index stood at 120.43, with lower agricultural prices restraining the headline rate, while petroleum products, processed food and durable goods sustained underlying pressure. Inflation excluding food and energy rose 2.8%, effectively its highest level this year after adjusting for a temporary telecom-bill base effect that depressed August 2025 prices. Oil-product prices climbed 14.8%, though the government estimated its price ceiling program reduced September inflation by 0.6 percentage point. Deputy Governor Lee Ji-ho said October consumer-price growth was expected to remain near 3% as core-item prices continued to rise.