Korea and Japan face growing pressure to raise interest rates as growth and inflation accelerate together, while Taiwan still has room to keep rates unchanged despite a semiconductor boom, with inflation remaining relatively tame.

Korea's consumer prices rose more than 3 percent in May from a year earlier amid global energy price volatility following the Iran war, data showed Tuesday.

Asia Intelligence Brief for Tuesday: South Korea's inflation jumped to 3.1%, a two-year high, and the central bank is signalling a rate hike; Indonesia's prices are climbing too…