SEOUL: The Bank of Korea’s (BOK) deputy governor on Tuesday said upside risk to accelerating inflation has increased since the central bank’s February inflation forecast, and that inflation expectations need to be managed. Deputy Governor Lee Hwan-seok told a meeting of the bank’s senior officials that a higher rate of inflation could continue for a considerable period due to the Ukraine crisis and that the bank should closely monitor developments in the crisis as well as oil and commodity prices, the Bank of Korea said in a statement.
The bank in February sharply upgraded its inflation forecast for 2022 to 3.1% from 2.0%.- Reuters