Bank of Korea (BOK) Gov. Rhee Chang-yong said Tuesday the time has come to “sufficiently consider” a rate cut as the nation’s consumer inflation cooled.

“In terms of stability of consumer prices, it is time to sufficiently consider lowering a benchmark interest rate,” Rhee told reporters at a forum in Seoul.

Rhee said the central bank would review an “appropriate timing” for a rate cut, in his strongest signal yet about a policy pivot.

Earlier in the day, government data showed consumer prices slowed to the lowest level in nearly 3 1/2 years in August.

Last month, the BOK held its key rate steady at 3.5 percent for the 13th straight session due to soaring home prices but opened the door for a policy pivot this year.

Source: Yonhap News Agency