South Korea's inflation rate may exceed 3% for the second consecutive month, with the June CPI expected to rise 3.2% year-on-year.

According to a survey by Odaily Odaily, South Korea's overall inflation rate is likely to exceed 3% for the second consecutive month, higher than the Bank of Korea's 2% target. The median forecast from seven economists indicates that the benchmark Consumer Price Index (CPI) is expected to rise 3.2% year-on-year in June, up from 3.1% in May; month-on-month, it is likely to rise 0.1%, compared to 0.5% in the previous month. DBS Group economist Ma Tieying said that the cumulative increase in raw material costs and the weakening of the Korean won continue to affect the South Korean economy, and he expects the Bank of Korea to raise interest rates once in July and again in the fourth quarter.