South Korea's consumer prices slowed to the lowest level in 45 months in October on stabilizing oil prices, staying below 2 percent for the second consecutive month, data showed Tuesday.

Consumer prices, a key gauge of inflation, rose 1.3 percent on-year last month, compared with a 1.6 percent on-year increase in September, according to the data from Statistics Korea.

October's figure marked the lowest level since January 2021, when consumer prices grew 0.9 percent.

Consumer inflation has stayed below 3 percent since April and fell below the target rate of 2 percent for the first time in September.

The finance ministry has said that the country is projected to reach the target rate by around the end of 2024, and this year's prices are projected to rise 2.6 percent.

Prices of the overall agricultural, livestock and fisheries products went up 1.2 percent on-year.

Vegetables, in particular, spiked 15.6 percent amid unfavorable weather conditions, the sharpest increase since October 2022.

Of major items, prices of napa cabbages surged 51.5 percent and those of radishes soared 52.1 percent, adding pressure on households as they are key ingredients of kimchi, and the annual tradition of "gimjang" usually takes place from November to December when people make large amounts of kimchi as part of preparations for the cold winter.

Prices of petroleum products, however, fell 10.9 percent on-year in October on easing global oil prices.

Dubai crude, South Korea's benchmark, came to $74.94 per barrel on average last month, falling from $89.75 a year earlier, according to government data.

"Prices of fruits have stabilized due partly to a high base effect and a better harvest," agency official Kong Mi-sook said.

"But there would be volatility in prices of vegetables and petroleum products in accordance with weather conditions, geopolitical issues and other factors," the official added.

Service prices gained 2.1 percent on-year in October.

Core inflation, which excludes volatile food and energy prices, added 1.8 percent, compared with a 2 percent on-year increase in September.

Prices of daily necessities -- 144 items closely related to people's everyday lives, such as food, clothing and housing -- climbed 1.2 percent last month, the data showed. (Yonhap)