The board of the Bank of Korea(BOK) is predominantly of the belief that a drop in inflation may take longer than previously forecast in August.

The central bank’s governor, Rhee Chang-yong, said on Thursday that a majority of the monetary policy board came to that conclusion during a press conference after the rate-setting meeting produced a freeze of the key rate at three-point-five percent for the sixth time.

The governor explained that uncertainty remains high over the earlier projection of inflation in the two-percent range by late 2024, with the BOK forecasting in August that inflation would stand at three-point-five percent this year before dropping to two-point-four percent next year.

The bank chief said while the board members voted unanimously to freeze the key rate for the sixth consecutive time, there was a difference in opinion about the rate in the next three months.

Rhee said five out of six members, excluding himself, called for the door to be left open to an additional hike, citing rising inflationary pressure, while the sole voice emphasized the need for a proactive response to prevent the aggravation of household debts.

On the ongoing war in Israel, Rhee said it is difficult to project how the situation will unfold, saying he would have to wait for the outcome of U.S. President Joe Biden's visit to the country.