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Despite concerns that the economy may slow down, the reason why interest rates have been raised 7 times in a row is because of uncontrolled inflation.
Regarding the possibility of lowering interest rates again within this year, Bank of Korea Governor Lee Chang-yong drew a line, saying it was 'premature'.
Next is Reporter Nam Jung-min.
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During lunchtime, at a restaurant in Seoul, people are afraid to open their wallets due to skyrocketing lunch prices.
[University student: No matter how expensive it was, it was about 10,000 won, but these days it seems to be 15,000 won, and it has become more expensive.]
Last year, consumer prices rose by 5.1%, the highest since the financial crisis.
On a monthly basis, the inflation rate has exceeded 5% for eight consecutive months since May last year.
The Bank of Korea pulled out a card to raise interest rates, saying that a high inflation rate of around 5% will continue until February this year due to hikes in utility rates, including electricity and gas.
Opinions were divided among the Monetary Policy Committee members, saying that the speed of the economic slowdown should be taken into account as to whether to further raise interest rates.
Regarding the level of the final interest rate, three members of the Monetary Policy Committee said, "Let's keep an eye on the impact for the time being by freezing 3.5%," but three members said, "Let's leave open the possibility of raising it to 3.75%."
However, the Bank of Korea drew a line saying that it is premature to discuss interest rate cuts within the year.
[Lee Chang-yong / Bank of Korea Governor: I think it is premature to talk about it before there is certainty.
I would like to tell you that it is difficult to cut the interest rate unless there is evidence that the inflation level is going to the 2% target level in the mid- to long-term
. He said it could be, and the time was expected to be in the fourth quarter of this year or next year at the earliest.
(Video editing: Kim Jun-hee, VJ: Park Hyun-woo)