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South Korea's central bank Wednesday announced it expects the rate of consumer price increases to be under its target band of 2.5% to 3.5% for the time being, because of a lack of cost-push inflationary pressure.
"Inflation was below the lower limit of our target range in the first half and will continue to be so for some time," the Bank of Korea said in a biannual inflation report.
Global raw materials prices are likely to be stable, but prices of domestic agricultural products may bolster and there is a persistent expectation for consumer prices to increase, the bank said.
The bank expects consumer price inflation of 2.1% in the second half in comparison with 1.3% in the first half, bringing full-year inflation to 1.7%. It assumes an inflation rate of 2.9% next year.
