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The International Monetary Fund Monday raised its 2011 forecast for South Korean inflation to 4.5% from a nike running shoes online projection in October last year of 3.4%, citing rising food and energy prices.

"The risk that food and energy price increases will start an inflationary spiral is much greater in emerging and developing economies than in advanced economies," the IMF said in its world economic outlook report.

The IMF, however, maintained its growth forecast for the Korean economy at 4.5%--the same as its projection in October. In its latest report, the fund said it expects the economy to expand 4.2% next year.

The Washington-based multinational organization urged Asian policymakers to accelerate their efforts to raisecheap nike mens acg sandals 2011  rates and allow their currencies to appreciate further to curb inflation.

"Real interest rates remain far below precrisis levels in many of these ( Asian) economies, and the extent of expected tightening seems limited relative to what is needed," it said. "In addition to more rapid tightening of policy rates, greater exchange rate flexibility will be an important component of policy tightening."

The IMF's revised outlook for Korean inflation and call for speedier monetary tightening Asia-wise came a day before the Bank of Korea holds a rate review meeting Tuesday, where it is expected to stand pat following a 25-basis-point hike to 3.00% last month.

Consumer price inflation in South Korea rose to a 29-month high of 4.7% on year in March, accelerating from 4.5% in buy Reebok ZigTechFebruary and remaining above the BOK's target range of 2% to 4% for a third straight month.

The BOK, which now expects gross domestic product to expand 4.5% this year, with consumer price inflation at 3.5%, is expected to unveil new growth and inflation forecasts Wednesday.