Bank of Korea predicts sharp inflation increase

Central bank optimistic about price developments in latest MPC report

Bank of Korea, Seoul

The Bank of Korea expects to see a rapid increase in annual CPI inflation in 2014, a further indication the monetary policy committee (MPC) will keep its policy rate on hold in the coming months.

Inflation fell below 2.5%, the lower bound of the central bank's target range, in May 2012. Policy-makers forecast that it would climb to 3% by the end of 2013, but the recovery never materialised.

In its latest semi-annual monetary policy report, released today, the Bank of Korea attributes the

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