Inflation in Korea fell in August, but hawkish minutes from the BOK’s July meeting suggest that further tightening is likely. While it will be a close call, we expect the next hike to come in October rather than at the central bank’s August meeting. Meanwhile, inflation elsewhere in the region dropped back again last month, supporting our view that most central banks will leave rates unchanged for the rest of the year, with India and the Philippines the main exceptions.
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