South Korea's inflation rate is likely to exceed 3% for the second consecutive month, with the June CPI expected to rise 3.2% year-on-year

Odaily Planet Daily News A survey shows that South Korea's overall inflation rate may exceed 3% for the second consecutive month, higher than the Bank of Korea's 2% target. The median forecast of seven economists indicates that the benchmark consumer price index (CPI) for June is expected to rise 3.2% year-on-year, higher than the 3.1% increase in May; on a month-on-month basis, it may rise 0.1%, compared with a 0.5% increase in the previous month.

DBS economist Ma Tieying stated that the cumulative increase in raw material costs and the weakening of the Korean won continue to transmit to the South Korean economy, and predicts that the Bank of Korea will raise interest rates once in July and again in the fourth quarter.