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BOK expects inflation to remain stable for time being

September 3, 2024

The Bank of Korea (BOK) said Tuesday it expects consumer inflation to remain stable for the time being, reinforcing views that the central bank may consider a policy pivot.

BOK Deputy Gov. Kim Woong made the remarks after consumer prices slowed to the lowest level in nearly 3 1/2 years in August.

“Inflation is expected to remain stable for the time being at a current level unless there is a major shock from the supply side,” Kim said in a statement.

Last month, the BOK held its key rate steady at 3.5 percent for the 13th straight session due to soaring home prices but opened the door for a policy pivot this year.