The Bank of Korea(BOK) announced on Friday that its monetary policy next year will continue to focus on stabilizing prices in light of high inflation, hinting at additional interest rate hikes.

The strategy was outlined in a report by the central bank on the direction of its monetary and credit policy for next year that included plans for managing key interest rates and loans.

The BOK projected that the Korean economy will suffer a slowdown in growth with only a slight increase in jobs next year due to the global economic slowdown and rate hikes.

The central bank predicted the inflation rate will remain significantly higher than the target range of two percent next year as well, around the mid-three-percent range.

The BOK said that it would operate its monetary policy to meet the long-term two-percent target level, and in the process, it would adjust key interest rates in consideration of prices and economic conditions as well as financial and foreign exchange markets.