00:00South Korea's central bank is expected to raise interest rates for the first time in more than three years,
00:06with another hike likely before the end of 2026.
00:09The move comes as inflation remains well above the Bank of Korea's 2% target.
00:16Consumer prices rose 3.2% in June, the highest level in two and a half years.
00:22It is predicted to average around 3% through the second half of the year.
00:27Rising property prices, elevated household debt and stronger economic growth
00:31have given policymakers room to tighten monetary policy.
00:35South Korea's economy expanded at its fastest pace in nearly six years during the first quarter.
00:41But price pressures have also been fueled by higher global oil prices amid renewed conflict in the Middle East,
00:48while a weaker one has pushed up the cost of imported raw materials.
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