Consumer sentiment in the country worsened for the third consecutive month in October.

According to the Bank of Korea on Wednesday, the composite consumer sentiment index dropped one-point-six points on-month to stand at 98-point-one in October, posting below the 100-point threshold to indicate that pessimists outnumber optimists.

The index fell for three straight months after rising to 103-point-two in July.

Expected inflation for the year ahead marked three-point-four percent in October, up zero-point-one percentage point from the previous month to rise for the first time in eight months since February.

The climb is attributed to growing geopolitical risks from the war between Israel and the Palestinian militant group Hamas and hikes in public utility fees.

Meanwhile, consumers’ outlook for housing prices dropped two points on-month to 108, falling for the first time in eleven months.