The Bank of Korea will raise its benchmark rate by 50 basis points for the first time next week, as consumer prices in June rose 6 per cent year on year, the highest level since November 1988, when they jumped 6.8 per cent year on year.

The Bank of Korea (BOK) is expected to freeze its policy rate at a record low of 0.5 percent next week, as it will likely gauge the impact of the protracted pandemic on the economy, a poll showed Friday.