emirates7 - The Bank of Korea (BOK) announced on Tuesday that the weakening Korean won is likely to influence consumer inflation, raising it to approximately 2 percent after December, up from the current mid-1 percent range.

According to Statistics Korea, as cited by Yonhap News Agency, consumer inflation in November increased by 1.5 percent compared to the previous year, up from a 1.3 percent rise in October. However, the figure remained below the BOK's 2 percent target for the third consecutive month and fell short of expectations.

The BOK has forecasted an annual inflation rate of 2.3 percent for this year and 1.9 percent for the next.