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Bank of Korea board members: Too early to be complacent on inflation

Published Jun 13, 2023 04:08AM ET
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© Reuters. FILE PHOTO: The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Most Bank of Korea monetary policy board members said at their latest policy meeting on May 25 it was not yet time to be complacent over slowing inflation, minutes from the meeting showed on Tuesday.

"Even though consumer price inflation has peaked and entered a cooling phase, we can't yet afford to be complacent," one member said.

Another member said: "If convergence of inflation on its target level is deemed to be significantly delayed, aggressive measures should be taken through additional rate hikes."

The Bank of Korea held interest rates steady for a third straight meeting last month, with a downgrade in its economic growth forecast for this year.

Data a week after the meeting showed South Korea's consumer inflation eased for a fourth straight month in May to a 19-month low of 3.3%, still above the central bank's medium-term target of 2%.

Bank of Korea board members: Too early to be complacent on inflation
 

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