Inflation outlook highest in 9 years ahead of rate hike
May 24, 2022
This month, South Korean households’ outlook for inflation in the next 12 months rose to the highest level in nine years and seven months, according to a Bank of Korea survey released Tuesday ahead of its rate decision Thursday. Survey respondents forecast inflation to average 3.3 percent, up from the previous record high of 3.1 percent in April. In a monthly survey of 2,500 households conducted May 10-17, the BOK said consumers have braced for higher borrowing costs ahead, with th