Bank of Korea(BOK) Governor Rhee Chang-yong has stressed the need to concentrate monetary policies on fighting inflation, citing that consumer price growth is expected to remain above the bank’s target inflation of two percent next year.

In a news conference following the release of the bank's biannual inflation assessment report, Rhee said the BOK will elaorately respond to inflation by reviewing economic indices, the pace of economic slowdown and changes in the benchmark rates of key economies.

Rhee said the bank will also carefully look into adjustments in real estate prices due to a rise in interest rates, as well as a possible deterioration in financial stability and unexpected side effects that could follow.