SEOUL (Reuters – South Koreans’ inflation expectations rose for the fourth consecutive month in May to their highest level in almost a decade. This was according to a survey by the central bank on Tuesday. It came two days before its policy meeting.

According to the Bank of Korea’s monthly survey, South Koreans anticipate consumer inflation rising at a median of 3.3% in the next twelve months. This is up from 3.1% recorded in April and its highest level since October 2012.

It comes shortly before Thursday’s central bank’s monetary policies review. Since August 2013, the BOK raised rates by 100 basis points in just four steps, from an unprecedented low of 0.50% last year to combat inflation.

The annual inflation rate in Asia’s fourth largest economy accelerated more than expected. It reached 4.8% in April. Analysts are now putting more faith in further tightening.

Also, Tuesday’s central bank statement stated that the consumer sentiment index fell to 102.6. This is its lowest level since August 2013 and 103.8 in March.

The sentiment index was still higher than the 100-year average, which separated optimism from pessimism.

Survey respondents included more than 2,300 households living in urban areas. They were asked about inflation expectations, consumer sentiment, and other subjects between May 10-17.