S. Korea raises interest rates again to combat soaring inflation

Economy

South Korea's central bank on Thursday raised its benchmark interest rate again, following its first "big-step" rate hike the previous month, to further fight soaring inflation amid increased economic downside risks. The Bank of Korea decided at its monetary policy board meeting to raise its rate by 0.25 percentage point to 2.5 percent, judging that rate hikes need to be maintained as the country continues to deal with accelerating price gains. The latest decision marked the first instance in which the bank has increased its rate four straight times. Last month, the bank announced an unprecede...

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