The Bank of Korea said, "There is a possibility that the rate of consumer price inflation this year will exceed the 4.7% in 2008, which was a period of rapid inflation."
The BOK said in its 'Inflation Stabilization Target Operational Status Inspection' report, "The future price flow is expected to exceed the 4.5% projected in May, considering recent changes in conditions such as the increase in international oil prices."
On the 26th of last month, we raised the forecast for this year's consumer price inflation from 3.1% to 4.5%, but the actual annual rate of increase may be higher.
In addition, the BOK said, "In the future, consumer prices will continue to rise sharply, exceeding 5% for the time being, while both supply and demand-side inflationary pressures will remain high. It is expected to be higher than in May due to the widening increase in food service prices,” he said.
(Photo = Yonhap News)