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Expected inflation rate for next 12 months reaches 9-year high of 3.3% in May Updated: 2022-05-24 08:02:17 KST

South Korean consumers are anticipating prices to soar even further.
The Bank of Korea said on Tuesday that when asked in May, the inflation rate that South Korean consumers expect to see over the next year was 3.3 percent.
This is up point-2 percentage points compared to the month earlier, and is the highest expected inflation in more than nine years.
The BOK attributed the rise to higher prices that are currently being felt among consumers and the growing uncertainties both at home and abroad.
Amid the soaring inflation, consumer sentiment about the economy dropped for the first time in three months.
The central bank's Composite Consumer Sentiment Index in May came to around 102.six, falling one.2 points on-month, but staying above 100, meaning there are still more optimists about the economy than pessimists.
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