The Bank of Korea raised its benchmark rate by 25 basis points to 3%, its highest level since January 2025, marking a second consecutive rate hike. Core inflation reached 2.6% in July, its highest since December 2023, while headline inflation stood at 2.8%. Housing prices in Seoul surged 2.5% month on month in June, their steepest monthly gain in five years. The central bank expects inflation to remain above its 2% target for an extended period.
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