South Korea has been grappling with high inflation, which is impacting the wallets of its citizens. The country's consumer price index rose 2.4% higher in June from a year earlier, slower than the 2.7% rise in May and the weakest since July 2023. Rising food prices, particularly for staples like apples and green onions, have been a topic of public debate in South Korea. The Bank of Korea acknowledges that monetary policy alone cannot solve the high cost of living, as the root causes are related to agriculture and the distribution of products. Senior Deputy Governor Ryoo Sangdai of the Bank of Korea stated that the central bank's main focus is on targeting inflation rather than addressing the high cost of living. He emphasized the need for structural reforms to tackle the issue instead of relying solely on monetary policy. The central bank's policies are independent, and its mandate is to promote macroeconomic stability, including price stability. The Bank of Korea is expected to cut the benchmark interest rate by 50 basis points in the fourth quarter [77d88d04] [c7be2e69].