South Korea July CPI came in at +2.8% y/y, below the Reuters poll estimate of +3.0% and down from +3.2% in June, marking a three-month low. On a monthly basis, CPI fell 0.2%, versus expectations for +0.1%, its first monthly decline since November 2025, driven by a 5.5% drop in petroleum prices. Core CPI rose 2.6% y/y, up from +2.5% in June, its biggest annual rise since December 2023.