South Korea central bank sees inflation standing above 2% target for longer

South Korea's central bank said on Thursday that inflation will likely stand above its 2% target for quite some time amid a solid economic recovery and increasing price pressures from global supply bottlenecks.
 

Consumer inflation accelerated to a decade-high of 3.7% in November from a year earlier, while core CPI, which excludes volatile food and fuel, rose to 1.9%.
 

"Upside risks to the inflation path are seen dominant, with continued price hike in raw materials, persistent global supply bottlenecks, further recovery in consumption and rising inflation expectations seen as major factors," the Bank of Korea said in a bi-annual review