The central bank has warned that indications of slowing inflation does not mean that the nation has entered a phase of price growth stabilization.

In a report on Monday, the Bank of Korea's(BOK) monetary policy department said a review of inflation expectations must consider persistent factors over price adjustment along with the possibility of an additional cost shock.

The bank cited an end to government policies such as fuel tax cuts or the deferral of public utility fee hikes, including electricity fares.

Citing past instances of a failed entry into inflationary stabilization, the BOK said most were the result of inattention to the "last mile risk" of misinterpreting the post-inflationary shock base effect as the start of stability.

The central bank also mentioned that past cases of success involved monetary tightening consistently enforced for a considerable time in tandem with policy efforts toward macroeconomic stability.