Consumer prices in South Korea were up 2.3 percent on year in July, Statistics Korea said on Wednesday, touching a two-year low.
The July reading was shy of expectations for 2.4 percent and down from 2.7 percent in June.
On a monthly basis, consumer prices rose 0.1 percent - also below forecasts for a gain of 0.2 percent following the flat reading a month earlier.
Core CPI, which excludes the volatile price of food, slowed to an annual 3.3 percent in July from 3.5 percent in June.
