South Korea's consumer inflation rate dropped to a 3 1/2-year low of 1.6 percent in September, marking the first time it fell below 2 percent since early 2021. This decrease is the lowest level recorded since February 2021 when prices grew by 1.4 percent. The government aims to achieve the 2 percent target rate by the end of 2024, with consumer inflation remaining below 3 percent for the sixth consecutive month through September. Prices of agricultural products, particularly vegetables, saw significant increases due to factors like a prolonged heat wave, with napa cabbages surging by 53.6 percent and radishes spiking by 41.6 percent, impacting the traditional kimchi-making season from November to December. Meanwhile, prices of petroleum products fell by 7.6 percent in September, attributed to stabilized global oil prices. This decrease was the first since February of that year. Service prices increased by 2.2 percent year-on-year, while core inflation, excluding food and energy prices, stood at 2 percent, slightly down from the previous month. Daily necessities, including food, clothing, and housing, experienced a 1.5 percent price climb in September. Looking ahead, uncertainties such as unexpected weather conditions and the Middle East crisis could influence price levels in the fourth quarter.