S.Korea central bank chief says growth solid, faster-than-expected inflation to continue

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Bank of Korea Governor Lee Ju-yeol speaks during a news conference in Seoul

SEOUL – South Korea’s central bank chief on Thursday said the country’s growth momentum remains solid as expected earlier thanks to improving private consumption, while inflation will exceed earlier expectations for the time being.

“While exports continue to grow steadily, consumption is rapidly improving thanks to changes in COVID-19 policies and the growth trend remains in line with expectations,” Governor Lee Ju-yeol said in remarks prepared for a meeting with finance industry experts.

Lee said “faster than expected” consumer inflation will continue for the time being due to global supply bottlenecks and rising oil prices.

(Reporting by Cynthia Kim, Editing by Rosalba O’Brien)