South Korea's consumer prices grew at the fastest pace in four months in October due mainly to an increase in prices of farm products, a government report showed Thursday.

The country's consumer prices index rose 2.1 percent in October from a year earlier, compared with a 2 percent on-year gain in the previous month, according to the report by Statistics Korea. The index fell 0.1 percent from September when the consumer prices rose 0.7 percent on-month.

The so-called core inflation, which excludes volatile oil and food prices, rose 1.5 percent on-year last month, which also represents an acceleration from a 1.4 percent increase in September.

The October inflation picked up, but it still remained within the central bank's 2-4 percent inflation target band for 2010-2012.

The Bank of Korea (BOK) forecast inflation in 2012 would grow 2.3 percent.

Despite a pick-up in consumer prices, the BOK is likely to stand pat on the key rate to 2.75 percent on Nov. 9 in a bid to prop up the slowing economy, analysts say.

Last month, the central bank lowered the benchmark 7-day repo rate after cutting it in July as the country is facing growing downside risks, beset by the prolonged eurozone debt crisis and China's slowing economy. (Yonhap News)