Bank of Korea Governor Says Core Inflation May Approach 2% Target by 2028

Deep News10-22

Bank of Korea Governor Shin Hyun-song said on the 22nd that core inflation will remain above the central bank's target next year, and is only expected to approach the 2% inflation target by 2028.

Speaking at a press conference after the monetary policy decision, Shin Hyun-song said the central bank's August forecast of 2.5% core inflation for next year is already too low. "We forecast 2.5% core inflation for next year in August, but that now looks low, and the actual level is expected to be somewhat higher."

Shin Hyun-song said the central bank's price stability target remains 2%. He said: "The policy principle is to take into account conditions such as economic growth and gradually achieve this target through monetary policy, rather than forcing a rapid achievement."

He added that inflation next year will most likely remain above the target, and will approach the target level around 2028.

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