The Bank of Korea(BOK) has raised its benchmark interest rate by 50 basis points to three percent in a bid to tame inflation.

The central bank conducted another "big step" at its monetary committee meeting on Wednesday, boosting rates to three percent for the first time in a decade since October 2012.  

With the latest hike, the BOK has raised rates five consecutive times this year. It also marks the second time the central bank raised the key rate by half a percentage point, following the previous one in July. 
 
The central bank is seeking to contain soaring prices and fluctuations in the financial market. 

Consumer prices remain high with a growth of five-point-six percent in September, although the growth pace slowed for the second straight month.