Bank of Korea raises policy rate again

Changyong Rhee Asian Development Bank Chief Economist
BOK’s new governor, Changyong Rhee

The Bank of Korea’s monetary policy board voted to raise the bank rate by 25 basis points on May 26.

The decision is the BOK’s fifth 25bp hike since August and brings the bank rate to 1.75%. The monetary policy board has raised rates at five of its last seven meetings.

In its statement, the board said high energy and service-sector prices were driving inflation up above the central bank’s target. South Korea’s consumer price index inflation reached 4.8% in April, the highest rate in 13 years

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