Inflation expectations fell for the third consecutive month in May.

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

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

A BOK official said that the fall is mainly attributed to a slight decline in inflation, which grew at the slowest pace in 14 months in April at three-point-seven percent.

Consumers' perceived inflation over the past year posted four-point-seven 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 two-point-nine points on-month to a one-year high at 98 in May.