S. Korean FinMin: Inflation to top 5% for some time

Friday, 27. May 2022 07:35

South Korean Finance Minister Choo Kyung-ho estimated on Friday that the country's annual inflation is expected to surpass 5% in the upcoming months, mainly due to rising energy costs.

The minister reiterated an assessment yesterday provided by the Bank of Korea, which increased its key interest rates for the first time in 15 years to counter soaring inflation.

He noted that "consumer prices will likely exceed 5% for a certain period of time," before returning to between 3% and 4% early next year.

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