Lee Chang-yong: "Inflationary Phase to Last at Least 1-2 Years" (Update)

Lee Chang-yong, nominee for Governor of the Bank of Korea, is delivering opening remarks at the confirmation hearing held at the National Assembly on the 19th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Seo So-jeong] Lee Chang-yong, the nominee for Governor of the Bank of Korea, has forecasted that the inflationary phase will continue for at least 1 to 2 years.

On the morning of the 19th, during the confirmation hearing held in the plenary meeting room of the National Assembly's Planning and Finance Committee, Lee Chang-yong responded to a question from Seo Byung-soo, a member of the People Power Party, asking "to what extent do you expect inflation to continue going forward?"

Rep. Seo pointed out, "The consumer price inflation rate in March reached the 4% range for the first time in over 10 years, and the inflation rate felt by the public in the market is much higher," adding, "In restaurants, due to the sharp rise in raw material prices, they are barely managing by adjusting portion sizes."

In response, nominee Lee said, "There is a significant rise in housing costs domestically that is not fully reflected in the consumer price index, and it is true that the pain for low-income households is considerable," adding, "Due to factors such as the Ukraine crisis and supply chain issues caused by COVID-19, I expect inflation to remain in an upward phase for at least 1 to 2 years."

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