Inflation expectations grew at the steepest pace in nearly five years in November due to rising prices of oil and raw materials. 

According to the Bank of Korea(BOK) on Tuesday, expected inflation came to two-point-seven percent in November, up zero-point-three percentage points from a month earlier. 

It marks the largest on-month growth since January 2017. 

Inflation expectations refer to the rate at which people expect prices to rise in the future. 

Petroleum, agricultural, livestock, fishery products and public utility charges were cited as major items that will cause a rise in consumer prices. 

The central bank expected that the inflation rate is likely to rise further due to lingering factors that may push up prices.