The Bank of Korea(BOK) has assessed that it would be appropriate to gradually raise the nation's benchmark interest rate by a quarter percentage point, if inflation and economic growth remain within the boundaries of the current outlooks.

The central bank made the assessment in a report submitted to the National Assembly's Strategy and Finance Committee on Monday.

The BOK apparently plans to mark up the key rate by a quarter percentage point at its next monetary policy meeting slated for August 25, despite the U.S. Federal Reserve's back-to-back "giant step" of a point-75-percentage point hike.

Also in the report, the central bank stressed the need to further raise the key interest in order to tackle inflation, as it forecast the rise in consumer prices to continue for the time being.

The central bank forecast this year's inflation will surpass the four-and-a-half-percent outlook issued earlier in May, while economic growth will slip below the projected two-point-seven percent.