South Korea's central bank said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate
The Bank of Korea, which raised its 2022 forecast for annual average inflation sharply to 4.5% less than a month ago, said it does not rule out the possibility of inflation exceeding the 4.7% reached in 2008.
"We don't just look at inflation when deciding whether we need to take a 'big step'," Governor Rhee Chang-yong said, when asked whether a 50 basis point interest rate hike is necessary."We will need to discuss with the Monetary Policy Board members on this, to comprehensively look at the impact of strengthening inflation on the recovery and interest rate payment burdens.
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