The Bank of Korea raised interest rates by 25 basis points to 3% at its second consecutive meeting of hikes, citing persistent inflation driven by rising energy prices. Consumer prices reached 2.8% in July, slightly down from 3.2% in June, but stubbornly above the central bank’s 2% target for more than five years. The decision comes as Asia’s third-largest economy is powered by an AI boom confirmed by Nvidia’s quarterly results. The central bank also revised its growth forecasts upward.
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