Consumer price growth in South Korea last year was lower than in Japan for the first time in 41 years.
The latest statistics from the Organization for Economic Cooperation and Development (OECD) showed Thursday that South Korea's consumer prices grew only one-point-three percent in 2014 from a year earlier. In comparison, consumer prices in Japan rose two-point-seven percent during the same period, according to Korea's (KBS WORLD) website.
It is the first time consumer prices in South Korea have grown at a slower pace than Japan since the oil crisis in 1973.
Last year's consumer price growth in South Korea was also lower than the one-point-six percent average of G7 countries. It is the first time in eight years that South Korea's price growth has been lower than the G7 average.
The average consumer price growth of the 34 OECD members last year was one-point-seven percent.