Global investment bank JP Morgan has predicted that the Bank of Korea(BOK) may take a "big step" by raising its interest rate by 50 basis points next month in a bid to curb the rising inflationary pressure.

Park Seok-gil, an analyst at JP Morgan, said in a report on Wednesday that the central bank could further increase the rate by zero-point-25 percentage points each in August, October and November, raising the key interest to three percent by year's end.

The report projected the rate to stand at three-point-25 percent in the first quarter of 2023.

The outlook was based on minutes from the BOK's monetary policy board meeting last month, during which participants suggested that they would not hesitate to preemptively act on inflationary risks.

Even if the central bank decides not to take the "big step" in July, JP Morgan predicted that it will continue to raise the rate by zero-point-25 percentage point until next February to reach three-point-25 percent in the first quarter.

The central bank's next rate-setting meeting is scheduled for July 13.