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South Korea raises rates to cope with price hikes

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  • South Korea raises rates to cope with price hikes

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    The Bank of Korea's quarterly percentage rate hike to 1% is widely predicted by economists.It is the latest central bank to do so as policymakers try to balance post-pandemic recovery and rising inflation.New Zealand raised rates for the second time in months on Wednesday.

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    The Korean economy continues to recover,” the Bank of Korea said in a statement.The Committee will continue to pursue monetary policy to maintain the recovery of economic growth. and stabilize consumer price inflation at target levels in the medium term. focusing on financial stability,” the statement continued.

    'There are more hikes'

    The bank also raised its inflation outlook to 2.3% for this year and 2% in 2022, indicating further interest rate hikes in the future.The Bank of Korea has made it clear that the first priority is controlling financial risks amid rising house prices and rising household debt. The latest data shows that both have continued strong growth,” said Alex Holmes, Asia economist at Capitol Economics.

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