Bank of Korea forecasts inflation above 5% in June and July

Bank of Korea is South Korea's central bank.

Statement comes after the inflation data for May earlier, hitting highs not seen in over a decade:

• South Korean core CPI surges to its highest y/y reading since February 2009

BoK:

• inflation will be >5% in June and July
• demand-side inflation pressure is likely to build
• it is important to manage inflation expectations