The Bank of Korea expects October consumer price inflation to remain around 3% as core price pressures persist. The forecast followed a Price Situation Review Meeting at the central bank's headquarters in Jung-gu, Seoul, held after the Ministry of Data and Statistics said the consumer price index rose 2.9% year-on-year last month. Inflation slowed from 3.1% in August, partly because the base effect from SK Telecom's 50% telecom-fee discount after a hacking incident in August last year has disappeared. Petroleum product prices rose 14.8%, while agricultural, livestock and fishery prices fell 0.3%. Core inflation, which excludes food and energy, eased to 2.8% from 3.4% but remained elevated, with airfare, travel expenses, electronics and other durable goods contributing to price pressures.