The Bank of Korea(BOK) has decided Wednesday to maintain an annual target inflation rate at two percent for two years from next year.  

The central bank’s monetary policy board presided over by BOK Governor Lee Ju-yeol made the decision to keep the inflation target at the level targeted for three years through this year. 

The BOK said targeting a two percent rate is a global standard, but the decision also reflects mid- and long-term inflationary pressure on the local economy. 

Meanwhile, the committee decided to renew a target inflation rate for every two years, not for every three years as it has done so far.