Inflation expectations in October increased for the first time in three months.

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, up one-tenth of a percentage point from September.

It marks the first on-month rise in three months. The index fell for two straight months in August and September after soaring to an all-time high of four-point-seven percent in July.

A senior BOK official attributed the rise to the hikes in public utility prices such as electricity and gas as well as those of agriculture, fishery and livestock products amid high inflation at over five percent.

Consumers' perceived inflation over the past year also rose by one-tenth of a percentage point on-month to an all-time high of five-point-two percent in October.

The consumer sentiment index, which measures how consumers assess national and personal economic conditions in the future, slipped two-point-six points on-month to 88-point-eight.