BOK deputy governor signals more rate hikes on inflation risk

Heesu Lee / Bloomberg08-11 06:43

The Bank of Korea (BOK) will likely need to raise interest rates further as strong growth feeds into underlying inflation, its outgoing senior deputy governor said, while adding that...(Aug 11): The ...

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The central bank raised its benchmark rate by a quarter percentage point to 2.75% in July, its first increase since early 2023.\nSouth Korea's headline inflation cooled to 2.8% last month but remained above the central bank's target, while core inflation edged up to 2.6%. Some economists continue to pencil in another increase this month following July's hike.\nRyoo said he doesn't expect inflation to rise as sharply as it did following Russia's invasion of Ukraine, but could remain above the BOK's 2% target for longer as the semiconductor boom lifts wages and domestic consumption.\n\"The scale of the increase may not be large, but it could be persistent,\" he said about inflation, adding the durability of those pressures will require continued monetary-policy attention.\nAt the July meeting, BOK governor Shin Hyun Song said the next several policy meetings would be \"live,\" with all options on the table. Since then, the case for further tightening has also been supported by strong data, with the economy growing a stronger-than-expected 0.6% in the second quarter, while working-day adjusted exports jumped almost 70% from a year earlier in July.  \nOn the currency, Ryoo said the won remains generally weak despite its recent recovery and continues to pose an upside risk to inflation by raising import costs. Still, he expects the won to strengthen over time against the US dollar over time as fundamentals including record trade and current-account surpluses and expectations for a narrower interest-rate gap with the US, exert greater influence.\nRyoo, who joined the bank in 1986, said if he were still on the board later this month, he would examine the BOK's updated growth and inflation forecasts as well as higher-frequency indicators, including trade and credit-card spending.\n\"Because monetary policy needs to be preemptive, I expect there'll be further rate hikes as policymakers assess the outlook for growth and the path of inflation.\"\nUploaded by Liza Shireen Koshy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2658809910","isCrawlerRequest":true}