Bank of Korea warns high inflation to remain for 'some time' - Breaking The News

Bank of Korea warns high inflation to remain for 'some time'

5 October

1 min read

Bank of Korea's Deputy Governor Lee Hwan-seok warned on Wednesday that South Korea's annual inflation rate would remain elevated in the 5-6% range for a "considerable time," primarily due to rising energy prices prompted by the war in Ukraine.

The latest data from Statistics Korea confirmed that August inflation slightly declined to 5.6%, followed by a record 6.3% registered in July.

"In September, consumer prices edged down from a month ago, but the core prices continued to rise, led by costs for individuals, such as eating out," the deputy governor noted during a central bank meeting in Seoul.

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