Six out of eight foreign investment banks(IB) have marked up their 2023 inflation outlook for South Korea.

According to the Korea Center for International Finance on Thursday, a report by eight key IBs contained a forecast for the country’s inflation rate with an average of three-point-seven percent this year as of the end of last month, up point-two percentage points from October’s outlook.

While Citi and JP Morgan maintained their original three-point-seven-percent projection, Bank of America Merrill Lynch, Goldman Sachs, Barclays, HSBC, Nomura and UBS all raised their outlooks.

The average forecast issued by the banks is zero-point-one percentage point higher than the outlook issued by the Bank of Korea(BOK) last week.

The IBs also raised next year’s inflation outlook for South Korea from an average of two-point-four percent to two-point-five percent, zero-point-one percentage point less than the BOK’s projection.