Finance Minister Choo Kyung-ho is expecting that the high inflation rate above six percent will continue into October.

The minister, who is visiting Indonesia to attend the G20 meeting of finance ministers and central bank chiefs, presented the outlook on Saturday to reporters.

Choo said that the inflation rate remains in the six-percent range since June and the pace will continue into September and October.

The finance minister, however, projected that inflation is unlikely to sharply exceed six percent and remain above seven or eight percent for a significantly long period of time.

Choo said he met with the head of the International Monetary Fund, who projected the grim outlook for the global economy.

He said the slowdown of the global economy would have a direct impact on the South Korean economy, which is heavily dependent on exports and overseas factors, so the nation needs to bolster its capabilities to deal with the complex crisis.

The minister also hinted at the possibility of revising the country's growth outlook for this year in light of worsening economic indicators.