The Bank of Korea(BOK) forecast inflation to return to a slowing trend this month after surpassing an earlier estimate to reach a five-month high of three-point-seven percent in September.

At a meeting to check up on consumer prices on Thursday, BOK Deputy Governor Kim Woong said the higher-than-expected inflation was due to the base effect with oil and agricultural prices continuing to rise from the previous month.

Citing the rate of core inflation, which excludes food and energy prices, remaining in the low- to mid-three-percent range, the deputy chief projected inflation to return to a slowdown in October before falling to around three percent by the year's end.

While core inflation is also expected to slow down with weakened demand and the base effect, Kim said uncertainties in future projections are high regarding oil prices, currency exchange and economic trends at home and abroad.