South Korea's central bank hikes base rate by 25bp, as expected. 1.5% to 1.75% now

The rate hike was widely expected.

BOK revised forecasts:

• see inflation to 4.5% this year, up from the previous projection 3.1%
• see inflation at 2.9% in 2023, previously 2.0%
• GDP +2.7% in 2022 (prior 3%) & +2.4% in 2023