The Bank of Korea(BOK) says inflation in the nation posted an average of five-point-one percent through November, the highest average rate since 1998. 

The central bank revealed the figure in its biannual inflation assessment report on Tuesday.

The figure is higher than the four-point-seven percent posted during the financial crisis in 2008 and the highest to be logged since 1998 when consumer prices grew seven-and-a-half percent.

The BOK said that despite the drop in global oil prices and slower increase in import prices, inflation is not showing signs of falling amid a hike in electricity and gas bills and a rise in prices of processed foods and dining out.

As a result, the central bank forecast that inflation will continue to stay around five percent for the time being, but added the rate is expected to steadily taper if prices of petroleum products fall and the economy both at home and abroad contracts.

However, the bank was quick to stress that it is difficult to ascertain conclusively whether a drop in global oil prices and an economic contraction will bring about the expected impact.