Inflation expectations fell for the second consecutive month in April on the back of dropping oil prices.

According to the Bank of Korea(BOK) on Wednesday, expected inflation, which measures consumers’ estimates on price increases over the next 12 months, stood at three-point-seven percent this month, down zero-point-two percentage points from March.

It marks the lowest in eleven months since May of last year, when it posted three-point-three percent.

A BOK official said that the fall is attributed to a sharp fall in oil prices and slowing price increases in processed food products despite persistently high service prices and public utility fees.

Consumers' perceived inflation over the past year posted four-point-nine percent, also down zero-point-two percentage points from a month earlier.

Meanwhile, the consumer sentiment index, which measures consumers' current and prospective economic conditions, rose three-point-one points on-month to 95-point-one in April.