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BOK: Higher Inflation Possible amid Global Supply Blockages

Written: 2022-07-04 15:01:19Updated: 2022-07-04 18:44:56

BOK: Higher Inflation Possible amid Global Supply Blockages

Photo : YONHAP News

The Bank of Korea has raised concerns over the possibility of higher inflation amid global supply chain blockages.

A report released by the central bank on Monday showed that external uncertainties such as the prolonged war in Ukraine and China's zero-COVID policy as well as volatility in the global food supply chain are already having an impact on South Korea's inflation rate and supply chain.

The bank explained that some parts of domestic production have already been affected with input costs having risen amid the disruptions in the global supply chain.

However, the bank said that the direct impact on the domestic supply chain was not that severe compared to other countries due to good quarantine conditions, industries that are self-sufficient and efforts to manage inventory.

The bank emphasized the need to prepare for shocks in advance by reviewing the vulnerabilities of domestic industries and monitoring the global situation.

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