Data released on Friday showed that South Korea's Consumer Price Index (CPI) rose 2.9% year-on-year in September, as energy costs remained elevated while agricultural product prices declined.

According to data published by South Korea's Ministry of Data and Statistics, the CPI growth rate fell back into the 2% range in September, slowing from the 3.1% increase recorded in August.

In September, diesel prices surged 20%, while gasoline prices also climbed sharply by 11.8%.

South Korea relies heavily on imports to meet its energy needs.