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Financial News: Philippine CB: Inflation Climbed To 5.9% In August

Philippine CB: Inflation Climbed To 5.9% In August

08/31/2018 - 06:40:00 (RTTNews)

(RTTNews) - The Philippines' headline inflation likely rose in August, climbing further from July's five-year high, the central bank said Friday.

The Department of Economic Research projects inflation in August could settle at around 5.9 percent, with a range of 5.5 - 6.2 percent, the Bangko Sentral Ng Pilipinas said. Inflation rose to 5.7 percent in July, the highest in more than five years The central forecast implies a slight deceleration of the month-on-month inflation, the bank said. Higher price of rice and key food items due to weather disturbances and supply disruptions, increase in gasoline and LPG prices, and slight upward adjustment in electricity rates in some regions contributed to upward price pressures in August, the BSP added.

At the same, the bank expected the lower diesel and kerosene prices as well as modestly appreciated peso to partly temper price pressures in August. The BSP said it will remain watchful of economic and financial developments that could affect the inflation outlook and will closely monitor inflation expectations and emergence of further second-round effects ahead of the next Monetary Board policy meeting on September 27.

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