The Bank of Korea (BOK) stated today (July 2) that the consumer inflation rate for July is expected to be slightly lower than that of June, citing the decline in global oil prices and the government's price stabilization measures.

Lee Ji-ho, Assistant Governor of the BOK, held a meeting to assess the inflation situation at the bank this morning and said, "The consumer inflation rate in June saw a larger increase compared to May, as petroleum prices continued to rise sharply and the prices of agricultural, livestock, and fishery products also saw greater growth."

Assistant Governor Lee particularly pointed out, "The cost-of-living inflation rate continues to remain high in the mid-3 percent range, placing a significant burden on the living expenses of vulnerable groups."

He continued, "The consumer inflation rate is expected to remain at a high level for the time being, as the downward pressure from falling global oil prices is offset by increased demand pressure resulting from economic improvement."

He added, "Core inflation will continue to show a high growth rate due to the pass-through of cost shocks and increased demand pressure," and noted, "We will continue to monitor the inflation situation with vigilance."

Statistics Korea announced on the same day that the consumer price index for June rose by 3.2 percent compared to a year ago.

This marks the highest inflation rate since December 2023 (3.2 percent).

(Photo: Yonhap News)