Choo Kyung-ho "Inflation is not easy, we will see numbers in the 5% range"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, the first economic chief of the Yoon Suk-yeol administration, is delivering opening remarks at the Ministry of Economy and Finance-Financial Institutions meeting held at the Bankers' Hall in Myeong-dong, Jung-gu, Seoul on the 27th. The meeting was attended by Deputy Chairwoman Kim So-young of the Financial Services Commission and the chairpersons of the five major financial holding companies: KB, Shinhan, Hana, Woori, and NongHyup. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho forecasted on the 27th that the consumer price inflation rate will remain above 5% for some time.

After a meeting with the chairpersons of the five major financial holding companies at the Seoul Banking Hall on the same day, Deputy Prime Minister Choo told reporters in response to questions about price trends, "As the Governor of the Bank of Korea mentioned yesterday, we will see numbers exceeding 5% in various forms for a certain period."

Deputy Prime Minister Choo explained, "It is difficult to specify exactly, but the 5% range numbers will probably appear," adding, "The current price situation is not easy."

Bank of Korea Governor Lee Chang-yong stated the previous day, "The inflation rate will remain above 5% for the time being, and in significant cases, it will maintain 4% or 3% even in early next year."