The local unit closed at P52.48 per dollar on Wednesday, losing 11 centavos from its P52.37 finish on Tuesday, based on Bankers Association of the Philippines data.
Headline inflation likely quickened and breached 5% in May due to higher pump and food prices and a weaker peso, the BSP chief said on Tuesday.ation may have reached between 5% and 5.8%, BSP Governor Benjamin E. Diokno said. This is well above the 2-4% target of the central bank for this year.May ination data will be released by the Philippine Statistics Authority on June 7. Headline inflation was at 4.9% in April, the highest in more than three years.
EU leaders handed Hungary concessions to agree an oil embargo on Russia over its invasion of Ukraine, sealing a deal in the wee hours on Tuesday that aims to cut 90% of Russia’s crude imports into the bloc by the end of the year, Reuters reported. US West Texas Intermediate crude was trading at $119.12 a barrel up $4.05 or 3.5% from Friday’s close. There was no settlement on Monday due to a US public holiday. Both benchmarks have posted daily gains since Wednesday.
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