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MNI BoK Preview - April 2023: No Change Likely

KOREA

The majority of forecasters expect the BoK to leave rates on hold, at 3.50%, at Tuesday’s policy meetings. This is also our bias. The BoK is likely to take some comfort from the continued move down in headline inflation pressures. Since the last policy meeting in late February, y/y CPI momentum has eased back to 4.2%. This is well off recent cyclical highs of 6.3%, which printed in July 2022. Like some other parts of the region, core inflation pressures remain sticky though. The core y/y print held steady at 4.8% in March, only down a touch from January cyclical highs at 5.0%.


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