On October 12, Bank of Korea Governor Shin Hyun-song stated that the Korean economy is expected to maintain steady growth, supported by the strong performance of the semiconductor industry and its driving effect on domestic demand. Shin Hyun-song said that as cost pressure continues to spread and improved revenue conditions gradually push up demand-side pressure, South Korea's inflation rate is expected to be higher than the central bank's target level for a period of time. The Bank of Korea raised the benchmark interest rate for the second time in a row. The reasons include stronger economic growth than expected, accelerated inflation, and high financial stability risks. The central bank will closely evaluate inflation, economic growth, and financial stability to determine the timing and extent of subsequent interest rate hikes.

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