Inflation expectations dropped for the first time in eight months in August after hitting an all-time high the previous month.

According to the Bank of Korea(BOK) on Tuesday, expected inflation, measuring consumers’ estimates on price increases in the next 12 months, stood at four-point-three percent this month, down zero-point-four percentage points from July.

It marks the first fall in eight months since December of last year.

A senior BOK official attributed the fall to the government's expectation that inflation is likely to reach its peak in the second half of the year.

However, consumers' perceived inflation over the past year remained unchanged at five-point-one percent in August, the highest since the nation began to compile related data.