The Bank of Korea(BOK) says that inflation could surpass four-point-seven percent this year.

The central bank presented the outlook in a report released on Tuesday, saying that in light of global oil prices and other recent changes, the country's price growth for this year is likely to exceed its previous projection of four-point-five percent.

Last month, the BOK raised its inflation projection for this year from three-point-one percent to four-point-five percent.

The central bank then said the price trend in the first half of this year is very similar to the comparable period of 2008, when annual inflation marked four-point-seven percent.

The BOK went on to say that in 2008, price growth slowed in the second half due to the global financial crisis, but this year, inflation is expected to continue into the second half. The BOK added that it cannot rule out the possibility of inflation surpassing four-point-seven percent this year.

The grim projection comes a week after the Ministry of Economy and Finance sharply raised its 2022 inflation outlook to four-point-seven percent.