MANILA :Philippine inflation accelerated to its fastest pace in nearly four years in July, government data showed on Friday, maintaining pressure on the central bank to further tighten monetary policy at its Aug. 18 meeting.
The headline figure, the highest since October 2018, was above the 6.2 per cent median forecast in a Reuters poll and at the top end of the 5.6 per cent-6.4 per cent range projected by the central bank. The Bangko Sentral ng Pilipinas has raised interest rates by a total of 125 basis points this year, including an off-cycle hike of 75 bps last month, joining peers around the world in a scramble to curb inflation.
"The BSP is prepared to take all necessary policy action to bring inflation toward a target-consistent path over the medium term," it said following the data release.
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