South Korea’s central bank said on Monday that upward risks to core inflation were “a little high” amid strong consumption and employment trends, raising the prospect of higher inflation lasting longer than expected. | Reuters
Consumer inflation is expected to ease toward its 2 percent medium-term target level by mid-2023, mostly due to high base effects, before rebounding to about 3 percent near the end of the year, the BOK said in the report. The trend of a slower easing of core inflation is forecast to continue through the middle of this year, it added.
Compared with Canada and Australia, whose central banks recently resumed tightening interest rates after some pauses, South Korea’s housing and labor markets showed less upward price pressures, the BOK report also noted. The BOK expects core prices will rise 3.3 percent this year, it said last month when it raised a February estimate of 3 percent. Overall consumer prices are expected to rise 3.5 percent.
The central bank held interest rates steady last month for a third straight meeting, but it also flagged it might not be done tightening.Subscribe to our daily newsletter
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