Last month South Korea's consumer price inflation remained the lowest among OECD members and even 'to-be' members, mainly because of lower demand from the private sector.
Data released by the OECD on Wednesday showed South Korea's Consumer Price Index was minus point-4 percent in September.
That's far below the OECD average of 1.9 percent.
The consumer price index for the U.S. was 1.7 percent, zero.8 percent for the Euro area and point-2 percent for Japan.
In fact, South Korea saw one of the sharpest declines in its inflation rate than any other OECD member during the past year.
Last September, the consumer price index for South Korea was just above 2 percent, lower than the OECD average, but higher than the Euro area.
However, South Korea's index turned negative this year while other G20 countries, including the U.S. and Japan, all remained above zero.
Experts say concerns are growing on the back of sluggish private investment and consumption as well as lower agricultural product prices.
The Korea Development Institute said the falling consumer price index was not just attributable to the supply side but to the demand side as well.
The institute has criticized the Bank of Korea for its monetary policy,calling for a more aggressive rate policy considering the rising concerns over deflation.
The central bank said in a earlier report that consumption has contracted due to slowing investment in facility and construction.
Yoon Jung-min, Arirang News.