Bank of Korea Governor Rhee Chang-yong suggested that it is now time to seriously consider lowering the benchmark interest rate, as the nation's consumer inflation has cooled. He emphasized the need to review the appropriate timing for a rate cut, marking a significant shift in policy stance. Prime Minister Han Duck-soo also pointed out that consumer prices have stabilized at around 2 percent compared to last year, creating space for potential rate cuts. Government data revealed that consumer prices in August slowed to the lowest level in almost 3 1/2 years, with a 2 percent year-on-year rise, down from 2.6 percent the previous month. The government has projected that the country will achieve the target inflation rate of 2 percent by the end of 2024. Despite holding the key rate steady at 3.5 percent for the 13th consecutive session due to surging home prices, the Bank of Korea has indicated a potential policy pivot this year.