South Korea's consumer prices grew at the slowest pace in more than a year in April on falling global oil prices, data showed Tuesday, in the latest signal that inflation has receded.

Consumer prices, a key gauge of inflation, rose 3.7% last month from a year earlier, compared with a 4.2% on-year rise in March, according to the report from Statistics Korea.

It is the first time in 14 months that the on-year inflation growth fell below 4%. The figure rose to over the 4% level, according to South Korean Yonhap News Agency.

In April, the Bank of Korea held the benchmark interest rate steady for the second straight time at 3.5% on easing inflationary pressure and concerns about an economic downturn after seven straight hikes.

Inflation stayed above 2%, the central bank's inflation target over the medium term, for the 25th straight month in April.

Source: Qatar News Agency