The Bank of Korea: "Consumer Price Inflation Rate Remains High in the 5% Range in June and July Following May"

[Asia Economy Reporter Seo Sojeong] The Bank of Korea forecasted that the consumer price inflation rate will continue its high rise in the 5% range next month as well as this month.

On the morning of the 3rd at 8:30 a.m., the Bank of Korea held a 'Price Situation Review Meeting' chaired by Deputy Governor Lee Seunghun in the main building's 15th-floor conference room to review the recent price situation and future price trends, and announced this outlook.

Deputy Governor Lee Seunghun of the Bank of Korea said, "The consumer price inflation rate exceeded 5% (5.4%) for the first time since the global financial crisis last month, and it is expected that the high rise in the 5% range will continue in June and July."

He predicted, "With international oil prices and international food prices remaining at high levels, and demand-side pressures increasing further due to the recent lifting of social distancing measures, the spread of inflation may continue."

He emphasized, "Since the high rise in prices is continuing, it is more important than anything else to stably manage the inflation expectations of economic agents so that the medium- to long-term price stability regime is not shaken."

The meeting was attended by Deputy Governor Lee Seunghun, the Director of the Research Department, the Director of the Economic Statistics Department, the Public Relations Officer, the Head of the Price Analysis Department, the Head of the Research Coordination Team, and the Head of the Price Trend Team.