Nomura economist Jeong Woo Park said that due to weak domestic demand, overall consumer inflation in south korea may continue to cool down next year. Throughout 2024, factors on the supply side have been driving down inflation, however, we expect weak demand to further slow core inflation, which may help control inflation. It is expected that by the end of 2025, the Bank of south korea will cumulatively lower the benchmark interest rate by 75 basis points to 2.25%. Nomura Securities has lowered south korea's inflation expectation for 2024 from 2.4% to 2.3%, and maintained the inflation expectation for 2025 at 1.7%, lower than the Bank's expectation of 1.9%.