S. Korea's consumer prices up 1.7% y/y in Aug., slowest pace in nine months

On the domestic economic front.

South Korea's consumer prices, a key gauge of inflation, grew at the slowest pace in nine months due to a temporary cut in phone bill costs.

Data from Statistics Korea on Tuesday showed that the country's consumer price index rose 1-point-7 percent in August compared to the same month the year before.

The agency attributed last month's slowdown to a 13 percent on-year drop in telecommunication fees.

In response to a data breach in April, South Korea's largest wireless carrier, SK Telecom, gave users a 50 percent discount on their August bills, leading to a 3-point-6 percent on-year drop in public service fees.