The central bank on Tuesday forecast consumer prices to continue to rise above six percent for the time being, citing persistent high oil costs and demand side pressure fueled by high inflation expectations.

Presiding over a meeting on consumer prices, Bank of Korea(BOK) Deputy Governor Lee Hwan-seok said the six-point-three-percent inflation rate posted in July was in line with the monetary policy committee's expectations.

The increase in consumer prices remained in the six-percent range for a second consecutive month, after hitting six percent in June. 

The deputy governor assessed that there was a high degree of uncertainty surrounding prices due to the protracted war in Ukraine, rising oil and raw material costs, and seasonal factors such as typhoons and the heat wave.