Seoul fiscal, monetary, financial chiefs vow "joint actions" ahead of CPI, rate meeting
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Authorities reconfirmed the need of “joint actions” by keeping close watch on the market and economic developments with urgency as “complex economic crisis conditions are likely to last for a considerable period”, said the Ministry of Finance and Economy Monday in a press release.
The morning meeting was attended by deputy prime minister for economy Choo Kyung-ho, Bank of Korea governor Rhee Chang-yong, Financial Services Commission vice chair Kim So-young, Financial Supervisory Service governor Lee Bok-hyun, and senior presidential secretary for economic affairs Choi Sang-mok.
Korea publishes the consumer price index for June on Tuesday. Choo projected earlier the CPI that has jumped 5.4 percent on year in May to break 6 percent in June or in the following months.
The BOK in a study on global supply trend on Monday warned that Korean prices and economy would suffer from worsening global supply bottleneck due to its high external reliance.
It found half of industrial products weighted in the Producer Price Index (PPI) gained 5 percent on year, while another 40 percent rose by more than 10 percent.
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