,SEOUL - South Korea's monetary policy board warned that inflationary pressure could grow stronger than expected with the ongoing recovery from the pandemic, while some suggested the bank should step up bond buying to calm volatility in the local debt market. In February, the Bank of Korea kept the base rate steady at a historic low of 0.5% and raised this year's inflation outlook to 1.3% from 1.0% previously. Minutes of the last meeting showed the board members were worried about rapid commodity price gains as it could exert upward pressure in consumer prices. "It is necessary to pay attention to the fact that the environment surrounding inflation is showing signs of being different from before," said policymaker of the seven-member board. "The level of raw material prices, including international grain prices, has risen significantly above the average level for 10 years after the global financial crisis," the board member said. At least three board members of the seven-member board said the bank could step up purchasing of treasury bonds to calm the bond rout market, as another supplementary budget in the coming weeks and rising U.S. bond yields are pushing up local long-term yields. REUTERS
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